European Stocks Edge Higher Before US Jobs Data: Markets Wrap

-- European stocks rose as traders prepared for a US payrolls report forecast to show employers slowed hiring last month, potentially easing pressure on the Federal Reserve to raise interest rates again.Miners were among the best performers in Europe’s Stoxx 600 index after news that a Chinese iron-ore buying agency was in talks with global suppliers. Royal Philips NV plunged as much as 10% after agreeing to further testing on certain sleep and respiratory care devices.

“Although both numbers haven’t been moving in tandem recently, the lower-than-expected ADP figures have given markets hope that September nonfarm payrolls will surprise to the downside,” said Julien Lafargue, chief market strategist at Barclays Private Bank. “Beyond the number of job creations, investors will pay close attention to wage growth figures and whether they confirm recent disinflationary trends.

Beaten-down bonds will make a comeback in 2024 when higher interest rates send the economy into a recession, according to Bank of America Corp.’s Michael Hartnett.

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