By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- European stock markets staged
broad-based gains on Friday, as upbeat Chinese export data and
Japanese growth figures fueled trading optimism and with investors
now awaiting key U.S. nonfarm-payroll data to gauge the state of
the economic recovery.
The Stoxx Europe 600 index rose 0.5% to 294.62, putting it on
track to break a two-day losing streak.
Shares of Siemens AG (SI) gained 1.5%, after Citigroup added the
German conglomerate to its focus list with a buy rating. Citi cited
progress in its restructuring and the potential for increased
profitability and cash returns.
Pointing in the other direction, shares of Clariant AG dropped
2.4% as Nomura cut the chemicals firm to reduce from buy.
For the broader stock markets, bourses mirrored gains from Asia,
where upbeat export data from China lifted the mood. Exports in
February were 21.8% higher than they were a year earlier,
suggesting that the global economy is recovering as demand for
Chinese goods rebounds. See: China trade surplus narrows, but
exports rising
Additionally, Japan revised its growth figures for the final
quarter of 2012 to show that the economy has turned around and is
expanding. See: Japan GDP grows again, but current account weak
Investors were further looking to the U.S., where
nonfarm-payrolls data, due 8:30 a.m. U.S. Eastern time, will be
closely watched for indications that the U.S. labor market is
recovering.
"U.S. job creation is expected to have continued at the January
pace, adding 165,000 jobs in February," analysts at Danske Bank
said in a note.
"Throughout February, data was strong for the U.S. economy with
decent growth in retail sales, housing sales and consumer
confidence. The claims figures in February also point to a
standstill in the unemployment rate, which we expect to have
remained unchanged at 7.9%," they added.
U.S. stock futures pointed to a higher open on Wall Street. See:
Stock futures push higher ahead of payrolls data
Back in Europe, banks were among major advancers. Shares of HSBC
Holdings PLC (HBC) rose 2.1% in London, BNP Paribas SA added 3.7%
in Paris and Banco Santander SA (SAN) gained 1.8% in Madrid.
Among country-specific indexes, the U.K.'s FTSE 100 index added
0.3% to 6,460.57, while France's CAC 40 index traded 0.9% higher at
3,827.39.
Germany's DAX 30 index gained 0.6% to 7,985.32.
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