EUROPE MARKETS: European Stocks Choppy As U.K. Budget, ECB Decision Loom

This is source I found from another site, main source you can find in last paragraph

European stocks eked out small gains in a choppy session on Wednesday, with mixed economic data from the region and the European Central Bank meeting later in the week keeping investors from placing any big bets.

The Stoxx Europe 600 SXXP, >+0.26% ended 0.1% higher at 372.58, after swinging between small gains and losses throughout the day.

The index moved a small leg higher in afternoon action after U.S. private-sector payrolls data showed stronger-than-expected job creation in the world’s largest economy. The ADP jobs report showed 298,000 jobs were added in February, beating consensus estimates of around 189,000. The solid data has further cemented expectations the Federal Reserve will raise interest rates next week.

European investors closely watch U.S. data, as stronger economic conditions across the pond also drive sentiment in Europe.

U.S. stocks were little changed.

U.K. budget: Stocks in London were also seesawing for most of the session, with the U.K.’s FTSE 100 UKX, >+0.00% ending 0.1% lower at 7,334.61 after the government unveiled its spring budget, the last before Brexit negotiations begin.

U.K. Treasury chief Philip Hammond said growth said the 2017 forecast for British economic growth was upgraded, to 2% from a previous estimate of 1.4%, but that growth is expected to slow in 2018.

“Apart from skimming a few pounds off the top of dividend income, the first and last Spring budget from Chancellor Philip Hammond was a bit of a damp squid. In a time of Brexit uncertainty, a nice boring budget from Spreadsheet Phil was probably the order of the day,” said Jasper Lawler, senior market analyst, at London Capital Group, in a note.

The budget presentation came ahead of the European Central Bank’s policy decision on Thursday and Friday’s closely watched monthly jobs report from the U.S., the world’s largest economy.

For the ECB, “with eurozone inflation now at 2%, key to how markets respond to the announcement will be any change to forward guidance, the tone of Chief [Mario] Draghi’s post-meeting press conference and the extent to which the central bank revises its economic forecasts,” analysts at Econoday said in a note.

Read: ‘Wildcard’ for ECB rates and 4 other things to watch at Thursday’s meeting

And: There’s another land of opportunity in the reflation trade—Europe

Movers: Adidas AG shares ADS, >+0.22%  leapt 9.4% after the sportswear and equipment maker raised its midterm earnings targets and its 2016 dividend after its fourth-quarter and full-year results were stronger than expected.

Deutsche Post AG DPW, >+0.12%  logged a more than 25% rise in net profit in the fourth quarter, leading the German parcel delivery company to increase its dividend for the year. But shares ended down 2.8%.

Inmarsat PLC ISAT, >+0.48% IMASY, >+0.61%  shares popped up 8.6% as the satellite operator reported a 5% rise in fourth-quarter pretax profit and raised its final dividend payment.

Data: France’s trade deficit widened to 7.94 billion euros ($8.38 billion) in January from €3.57 billion in December, as exports of Airbus AIR, >+0.00%  aircraft slumped. A jump in imports of pharmaceutical products and higher costs for imported oil also contributed to the wider deficit.

German industrial production rose sharply in January, by 2.8%, despite a drop in manufacturing orders at the start of the year.

Indexes: Germany’s DAX 30 DAX, >+0.01%  barely managed a gain, up 1.17 points at 11,967.31, while France’s CAC 40 PX1, >+0.08% ended 0.1% higher at 4,960.48.

The euro EURUSD, >-0.5906%  traded at $1.0544, down from $1.0568 late Tuesday.

This is source I found from another site, main source you can find in last paragraph

Source : http://www.marketwatch.com/story/european-stocks-choppy-as-uk-budget-ecb-decision-loom-2017-03-08

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