LONDON — European markets closed higher on Friday as investors digested a key U.S. jobs report
The pan-European Stoxx 600 closed the session nearly 0.5% higher with most sectors in the green. Autos were the day’s best performers, ending up 3.2%, while utilities closed down 0.6%.
On Wall Street, major indexes edged higher after a stronger-than-expected jobs report in June suggested the Federal Reserve would stay the course with its aggressive rate hikes.
Nonfarm payrolls rose 372,000 in June, well ahead of the 250,000 expected by economists in a Dow Jones poll, according to data released Friday by the Bureau of Labor Statistics.
The Fed is watching the labor market closely alongside the inflation numbers as it plots its course toward monetary policy tightening, a central factor in the market’s assessment of the likelihood of a recession.
At the top of the European blue chip index, Germany Commerzbank closed up 7.8%. Austrian oil and gas company OMVmeanwhile, ended up 6.6% after a promising update in the second quarter.
At the other end, Swedish real estate firm Fabege closed down 9.6% as profits fell in its second-quarter report. Tag Immobilien shares also fell more than 6% after the German real estate company decided on a capital increase.
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