A red day
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A RED DAY
Equity investors in Europe need to brace themselves. STOXX 50 STXEc1, DAX FDXc1, and CAC40 FCEc1 futures are all down over 1%, as Europe looks set to join in the global sell-off that hit Asia earlier in the day and the U.S. overnight.
Worries about economic growth have taken centre stage and two bits of U.S. data from Thursday are taking the blame: initial jobless claims and ISM manufacturing data. Both pointed to a sharp slowdown in growth.
The focus once again on Friday will be on U.S. data, and non farm payrolls at 1230 GMT will take on even greater significance. It feels like it'll be a day when good news is good news for stocks, though bad news could be really bad of course.
Also in the mix from the U.S. are earnings from tech giants. Amazon shares are down around 8% in Frankfurt though Apple is steady, managing to buck the trend.
But there is plenty of European domestic news too.
BNP Paribas BNPP.PA is in exclusive talks with French insurer AXA AXAF.PA to buy 100% of its AXA Investment Managers arm at an agreed price of 5.1 billion euros ($5.50 billion), the euro zone's biggest bank said on Thursday.
Going the other way, British Airways owner IAG ICAG.L terminated its proposed takeover of Spain's Air Europa citing regulatory environment concerns, less than two months after it offered remedies to antitrust regulators to secure approval for the deal.
(Alun John)
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