European stocks closed on Friday, tracking the pullback in US equities after pessimistic labor data from the US sounded alarms over the world's largest economy. The Eurozone's STOXX 50 dropped 0.6% to 5,330, and the pan-European STOXX 600 fell 0.2% to 549.
Nonfarm payrolls in the US were well under market expectations and the unemployment rate, which is under special scrutiny by the Federal Reserve, rose to a near-four-year high. The results backed bets of incoming cuts by the Fed, but such support was offset by concerns of a weakening economy and the pressure on export-oriented sectors in Europe from the surge in the euro.
Siemens and Airbus dropped 1.5% and 1.9%, respectively, to set the pace for industrials, while UniCredit, BNP Paribas, and Munich Re lost 1.5% for losses on the financial side. The STOXX 600 was set to drop 0.5% and the STOXX 600 was set to close flat on the week.
Source: trading Economi
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