(RTTNews.com) – The European markets traded in the green for the majority of Friday’s session and a choppy day of trading with modest gains. Banks were among the best performing stocks at the end of the week. Reports that U.S. President Trump will take action to reduce regulations on the banking industry drove the sector higher. Investor sentiment also received a boost from today’s stronger than expected U.S. jobs report.
Employment in the U.S. increased by more than anticipated in the month of January, according to a report released by the Labor Department on Friday. The Labor Department said non-farm payroll employment jumped by 227,000 jobs in January after climbing by a revised 157,000 jobs in December.
Economists had expected an increase of about 175,000 jobs compared to the addition of 156,000 jobs originally reported for the previous month.
The pan-European Stoxx Europe 600 index advanced 0.71 percent. The Euro Stoxx 50 index of eurozone bluechip stocks increased 0.60 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 0.98 percent.
The DAX of Germany climbed 0.20 percent and the CAC 40 of France rose 0.65 percent. The FTSE 100 of the U.K. gained 0.67 percent and the SMI of Switzerland finished higher by 0.90 percent.
In Frankfurt, retail giant Metro fell 3.09 percent after its fiscal first-quarter profit fell 64 percent to 200 million euros, hurt by currency fluctuations.
Deutsche Bank climbed 3.63 percent and Commerzbank added 0.60 percent.
In Paris, BNP Paribas gained 1.46 percent and Credit Agricole advanced 1.03 percent. Societe Generale also finished higher by 0.42 percent.
In London, ITV increased 1.99 percent on a brokerage upgrade.
Homeserve dipped 0.33 percent. The residential repair and improvements firm has acquired stakes in two tradesman checking sites for a total of 37 million pounds.
Beazley soared 6.44 percent as the risk insurance and reinsurance provider lifted dividend after reporting a 3 percent increase in full-year pretax profit.
Budget airline Ryanair Holdings gained 0.68 percent after reporting increases in traffic and load factor in January.
Barclays increased 3.39 percent and Royal Bank of Scotland rose 2.70 percent.
Syngenta finished lower by 0.47 percent in Zurich on a report that EU regulators are likely to clear its $ 43 deal with ChemChina.
Skanska jumped 5.49 percent in Stockholm after reporting a rise in Q4 profit, helped by stronger-than-expected performance at all its property development businesses.
Banco Popular sank 7.43 percent in Madrid after reporting a massive annual loss, hit by extraordinary provisions and additional charges to clean up its balance sheet.
Intesa Sanpaolo rose 2.66 percent in Milan after the retail bank denied it was mulling an all-share offer for insurer Generali.
Eurozone retail sales dropped unexpectedly in December on food and auto fuel sales, figures from Eurostat revealed Friday. Retail sales fell 0.3 percent month-on-month in December, confounding expectations for an increase of 0.3 percent. Nonetheless, the pace of decline slowed from a revised -0.6 percent in November.
The Eurozone economy made a strong start to 2017 with output growth maintained at December’s five-and-a-half year high, final data from IHS Markit showed Friday. The composite output index held steady at 54.4 in January and slightly above the earlier flash estimate of 54.3. The indicator signaled expansion in each of the past 43 months.
UK service sector growth eased more-than-expected at the start of the year amid the slower output growth and higher costs, despite strong business expectations, survey data from IHS Markit and the Chartered Institute of Procurement and Supply showed Friday.
The CIPS Purchasing Managers’ Index for the services sector dropped to 54.5 from 56.2 in December. Economists had forecast a score of 55.8.
While the Institute for Supply Management released a report on Friday showing that activity in the U.S. service sector saw continued growth in the month of January, the pace of growth in the sector slowed slightly compared to the previous month.
The ISM said its non-manufacturing index edged down to 56.5 in January from a revised 56.6 in December, although a reading above 50 still indicates growth in the service sector. Economists had expected the service sector index to dip to 57.0 from the 57.2 originally reported for the previous month.
Reflecting a sharp increase in orders for non-durable goods, the Commerce Department released a report on Friday showing a bigger than expected rebound in new orders for U.S. manufactured goods in the month of December.
The Commerce Department said factory orders surged up by 1.3 percent in December after tumbling by a revised 2.3 percent in November. Economists had expected factory orders to increase by 0.9 percent compared to the 2.4 percent slump originally reported for the previous month.
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