In Europe: European shares spike higher ahead of U.S. data

5 October 2012

“Markets have been positioning for a possible upside surprise.”

European equity markets extended gains in mid-session trade on Friday, with investors squaring positions ahead of a key U.S. jobs report later in the session, where risks are seen skewed to the upside.

Markets have been positioning for a possible upside surprise to the 1230 GMT release, following a strong employment report from the U.S. private sector earlier in the week.

“Looks like typical short-overing ahead of the numbers and the weekend in general. Wouldn’t be too surprising if the numbers would turn out better than expected so close to the (U.S. presidential) elections,” said Markus Huber, senior trader at ETX Capital.

The FTSEurofirst 300 was up 0.9 percent at 1,109.82 points by 1202 GMT.


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