Shares across Europe were looking for firm direction on Friday, as investors waited for monthly American jobs report and had to face the prospect of a disappointing week for EU shares.
The Stoxx Europe 600 grew 329.05 or 0.1%, but it has been going in and out of positive territory within the trading session. However, for the week, the index didn’t behave confident enough, as it dared to fall to 3.6%. This move would break the previous weeks of definite gains.
Banking stocks have been the actual source of this week’s pain for financial markets after the release of the latest economic updates, though BNP Paribas SA stocks bucked the descending trend on Friday and soared 5.3%. The French lender’s fourth quarter revenue was halved, being hit by a negative report on its Italian bank. However, profit grew 10.45 billion euros or 3%. Jon Peace, Nomura analyst depicted the results as results as “reassuringly in line” with some expectations.
BNP stocks appeared at the top of CAC 40 in France. The index surged 0.7%, though it didn’t generate much confidence because of its 3.5% weekly sag.
In addition to this, ArcelorMittal SA found itself close to the bottom of Stoxx 600. Its stocks dipped 6% as the world’s largest steel maker it’s going to issue $3 billion worth of shares in order to back up its balance sheet. The given move is aimed to assist the company in dealing with decreasing steel prices as well as global oversupply.