FX.co ★ European Shares Cling To Modest Gains Ahead Of US Jobs Data

European stocks registered slight gains on Friday, amid ongoing concerns over a potential expansion of the Middle East conflict and in anticipation of the crucial U.S. jobs report expected later in the day. This report is key to assessing the current state of the economy and future interest rate scenarios.

The pan-European STOXX 600 edged up by 0.1%, reaching 516.96, after having decreased by 0.9% on Thursday. Germany's DAX exhibited minor gains, while France's CAC 40 advanced by 0.4%, in contrast to the U.K.'s FTSE 100, which saw a decline of 0.2%.

Shipping giants Moeller-Maersk and Hapag Lloyd fell sharply by 7% and 13%, respectively, due to the escalating situation in the Middle East.

Shares in Hexagon Purus ASA dropped nearly 16%, following the Norwegian green automotive products company's announcement of a mutual agreement with Daimler Truck Holding AG's North American division to terminate their 2024-2027 contract for supplying battery electric vocational vehicles.

Denmark's logistics firm DSV saw a 6.7% rise in its stock price after successfully raising $5.5 billion through a share issue, intended to help finance its acquisition of Schenker.

Italy's energy leader Eni S.p.A. experienced a 1.3% gain following the U.K. Government's commitment to grant funding for the Liverpool Bay CO2 transport and storage project.

Alstom SA, the French rolling stock manufacturer, surged 5.2% as it confirmed its annual EBIT margin guidance of approximately 6.5%, an enhancement of about 80 basis points from the previous year, driven by increased volume and strategic cost reductions.

Sanofi saw a 1.3% rise after the Italian pharmaceutical company Recordati S.p.A. agreed to acquire the global rights to Enjaymo, the sole approved treatment for cold agglutinin disease, from the French company.

Energy sector giants BP Plc and Shell showed gains of around 1% and slight increases, respectively, as oil prices appeared poised for significant weekly gains due to the deepening Middle East conflict.

The Watches of Switzerland Group rose by more than 2% after acquiring a New York-centered watch enthusiast platform.

Pub giant J D Wetherspoon's stock saw a slight decline following the release of its 2024 financial results.