European shares on course for seventh week of gains; U.S. jobs data eyed

Reuters

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       Dec 2 (Reuters) - European shares looked set to notch
their seventh straight week of gains amid easing worries of
global monetary policy tightening despite a dip on Friday ahead
of U.S jobs data.
    The pan-European STOXX 600 index  .STOXX  fell 0.5% after
two days of strong gains. Investors looked ahead to U.S. jobs
data, which will feed into the Federal Reserve's future rate
hike plans.
    Economists expect about 200,000 jobs were added in October
and any downside will be seen as proof that the Fed's aggressive
tightening has been working. Recent data from Europe has also
made the case for the European Central Bank to opt for a smaller
hike.
    Energy  .SXEP  and financial  .SX7P  stocks were the biggest
drags on the broader index on Friday, pulling it further away
from June highs hit on Thursday.
    The STOXX 600 is on course to rise about 0.3% on the week,
its longest streak of gains since April 2021, as optimism
stemmed also from China softening its stance on strict COVID
curbs that have hit global growth.
 (Reporting by Susan Mathew in Bengaluru; Editing by Saumyadeb
Chakrabarty)
 ((susan.mathew@thomsonreuters.com;))

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