4:00 PM Frankfurt, Germany European stock trading was volatile and markets were mixed on the weak U.S. jobs data and a rally in mining, and gains in banking and retail sector. ArcelorMittal plans to launch a $3 billion offer to reduce net debt of $12 billion. BNP Paribas plans to cut costs and increase its dividend.
European stock markets were mixed on Friday as the negative surprise from the U.S. jobs data was offset by a strong rally in mining stocks, as well as gains in retail and banking sectors.
The latest U.S. job data showed non-farm payrolls rose 151,000 in January, down from an increase of 292,000 in December.
Unemployment rate stood at 4.9%, the lowest in eight years and average hourly wage also increased.
The weak job growth makes the scenario for a Fed interest rate hike in March less likely, especially after the central bank had raised its short-term interest rate in December.
Leading mining stocks extended yesterdays rally as the U.S. currency weakened after the persistent sell-off in the last four weeks.
Anglo American soared 34.7%, Glencore jumped 20.3%, BHP Billiton was up 10.6%, and Rio Tinto climbed 8.8%.
In the U.K, retail comparable-store sales in the five weeks to January-end rose 1.4% from the year-earlier period, said BDO in its monthly High Street Sales Tracker report.
Fashion retailers sales increased 1.9% from a year ago period.
Tesco jumped 4.4%, Marks & Spencer Group added 2.3%, and home improvement retailer Kingfisher gained 3.2%.
In London, FTSE 100 index increased 67.89, or 1.16%, to 5,905.03 and in Frankfurt, the DAX index declined 17.60 or 0.19%, to 9,417.22.
In Paris, the CAC 40 index added 7.4, or 0.18%, to 4,234.36.
rebounded from early losses and added 4.30% to 3.47 late in the day after the giant steelmaker said it would issue shares worth $3 billion to reduce debt and deal with declining steel prices.
The Mittal family, which already owns about 40% of the company, will subscribe to its entitlement of the share issue for $1.1 billion.
BNP Paribas SA
surged 7.69% to 42.59 after the largest French bank announced a cost cutting program in investment banking that aims to save 1 billion in costs by 2019.
The bank also proposed dividend of 2.31 per share for 2015, up from 1.50 a year earlier.
Revenue in the fourth quarter increased 3% to 10.45 billion from the year-ago period.
Net income dropped 52% to 665 million euros due to a goodwill write-down on its Italian banking unit.
plunged 9.4% to 9.44 after the Italian prosecutors launched its investigation of the deal merger deal with Japan-based Hitachi.
Nokian Renkaat Oyj
gained 8.1% to 34.02 after the Finnish tire maker said fourth-quarter net sales increased 11.1% to 422.3 million from the same period a year ago.