European stocks couldn’t hold early gains on Thursday, as traders waited for the latest U.S. jobs data as well as a Bank of England decision.“We believe higher-than-expected inflation, if not exactly overheating, remains one of the key risks for equity markets in the near term,” said Daniel Morris, chief market strategist at BNP Paribas Asset Management. “This Friday’s data on U.S. nonfarm payrolls should be a good indicator of how meaningful the overheating risk is becoming.
In the U.K., the question is whether the Bank of England will join the Bank of Canada in reducing the rate of its bond purchases, from the current weekly pace of £4.4 billion. The U.K. also is holding elections, the most important to financial markets being the Scottish Parliament race, which could see pro-independence parties winning.
Satellite operator SES SES, +7.39% climbed 7%, after reporting a 42% rise in adjusted profit in the first quarter, as lower recurring operating expenses, lower depreciation and amortization expenses, and lower net interest expense offset a 9% drop in revenue. SES also announced a €100 million stock buyback.
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