European stock futures higher; elections, payrolls in focus
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EUROPEAN STOCK FUTURES HIGHER; ELECTIONS, PAYROLLS IN FOCUS
A win for Britain's Labour Party in Thursday's election has done little to ignite European stock futures overnight which are a touch higher before today's U.S. payrolls report.
The resounding win for Labour was widely predicted by polls before the vote and market reaction has been relatively muted.
FTSE 100 futures FFIc1 are up just shy of 0.2% while the pound GBP=D3 has gained 0.1% against the dollar and is flat versus the euro EURGBP=D3.
An election in France on Sunday should garner more attention from the market as a hung parliament looks to be the most likely outcome.
CAC 40 futures FCEc1 are gaining 0.4%, with the index already up 2.9% this week, although it remains almost 4% below where it was trading before the snap election was called in June.
Euro STOXX 50 STXEc1 and DAX FDXc1 futures are both up 0.1%.
Before France's election, investors will be turning their attention to an important U.S. jobs report later on Friday, which could move the Fed a step closer to cutting interest rates this year if wage growth moderates as expected.
In corporate news, oil giant Shell SHEL.L could be in focus after the company said it will take an impairment charge of up to $2 billion after the sale of its Singapore refinery and paused construction of its Rotterdam plant.
(Samuel Indyk)
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