European indices submerged in the red, NFP – In spotlight

By FXStreet FXStreet (Mumbai) – Stocks on the European indices open on a bearish note and fell further into losses during the European morning hours as traders moved past the ECB event as focus shifts back to the much awaited US labour market report.

Poor German data adds to the downside

Adding to the negative sentiment around the EU stocks, factory orders in Europe’s economic powerhouse plunged in July, missing expectations big time. German industrial orders dropped 1.4% in July month-on-month and fell 0.6% on a yearly basis.

Germany’s the DAX 30 drops -1.66% to trade at 10145, while the UK’s FTSE 100 index lost 1.24% to 6,118. Among the other indices, the French CAC 40 index declined 1.57% to 4,580.95, while the pan-European Euro Stoxx 50 index decreased 1.62% to 3,217.26.

Meanwhile, traders now patiently await the August non-farm payrolls report that may give a clear hint on the Fed next monetary steps. The US economy is expected to have created 217,000 new jobs in August, with the jobless rate sliding to 5.2% from 5.3% previously.
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Source:: FX Street