Overseas Trading: European Stocks Dive on Payroll Jitters

Friday's U.S. jobs report is pressuring European stocks

Feb 8, 2016 at 8:28 AM
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Asian markets were mostly shuttered for the Lunar New Year holiday. However, Japan's Nikkei was open for business, reversing early losses to finish 1.1% higher, with strength among exporters and a generally upbeat round of earnings helping the index snap a four-session losing streak. The gains occurred despite ongoing concerns that the Bank of Japan's negative interest rate policy could hurt financials, as well as uncertainty about when the Fed may raise rates after last Friday's mixed jobs report.

Meanwhile, stocks in Europe are sharply lower following the payrolls report, with traders anxious to see if Fed Chair Janet Yellen drops any rate-hike hints during her visit to Capitol Hill this week. Tech stocks, in particular, are faring poorly, following the bearish lead of the Nasdaq. At last check, London's FTSE 100 is down 2.2%, the French CAC 40 has dropped 2.9%, and Germany's DAX has tumbled 3.2%.


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