Uncertainty Clouds European Markets Ahead Of Key U.S. Jobs Report

Uncertainty Clouds European Markets Ahead Of Key U.S. Jobs Report

European stocks are trading within tight movements in early trading on Friday, as investors stay on the sidelines closely observing United States jobs report.

Greece and Spain are under the spotlight once again, this, however, contributes to lack of certainty in European equity markets, especially with vague data from the United Kingdom and France that cloud the European Union's proposed balance sheet for the upcoming seven years.

In Athens, the government coalition parties are at odds raising the level of difficulty for establishing an overview for the future of the country that is on the verge of announcing bankruptcy, more or less.

Kicking Greece's situation further into the dark, after of a member of the Pasok Party dissented Thursday in protest to suggested austerity measures; this move backfired as pressures amount upon the government just a week before the parliament votes on the balance sheet.

Meanwhile, a Greek court said that retirement pensions-related reforms are "illicit" because international creditors wish to reduce pensions to 10% from the current 5%, while raising retirement age limit to 67.

Volatile and choppy trading is evident with the start of the session in Europe. Eyes are on the U.S. jobs report ahead of the key November 06 presidential election and fears of deterioration once again in the wake of Hurricane Sandy.

As of 04:30 EST European stocks were little changed with the French CAC 40 down nearly 0.16% around 3470.00, DAX was marginally flat around 7335.75 and FTSE 100 was trading lower by 0.22% around 5848.94.

The uncertain sense in the European stocks markets was boosted when German Chancellor Angela Merkel slammed France and Britain for opposing the EU balance sheet 50 billion euros cut plan; Britain rejects placing a specified value to minimize deficit in the balance sheet for 2014-2020.

In the currency market, at precisely 12:15 GMT+3, the euro fell trading around $1.2875 compared with its opening at $1.2741. The EUR/USD pair hit the highest levels of $1.2949 on Friday and lowest at $1.2864.

Moving to the British pound, the climb in its value pushed the GBP/USD pair to trade around $1.6091 falling from Friday opening at $1.6123. The pair reached the highest level of $1.6078 and lowest of $1.6123.