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Markets: Friday 7th August

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Markets: Friday 7th August

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Better-than-expected US jobs numbers reversed early losses on Europe’s stock markets on Friday and shares ended at their highest in nine months.

Analysts called the employment figures a very pleasant shock that really turned the market around. Telecoms were strong performers. Vodafone, Telefonica, Deutsche Telekom and France Telecom all rose. Banks closed mostly higher including BNP Paribas, Banco Santander, KBC and Deutsche Bank. But Royal Bank of Scotland’s unexpectedly poor results pulled its shares down 12.1 percent. The US jobs report pushed the dollar up against both the euro and the yen and the stronger dollars was one factor as oil prices slipped slightly.