European Shares Set for Firm Open After Strong US Jobs Data

Macro
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European stocks are seen opening broadly higher on Monday after robust US jobs data reinforced bets of a soft landing for the world's largest economy. Non-farm payrolls jumped by 254,000 jobs in September, while the unemployment rate edged down to 4.1 percent, easing fears of a downturn. Asian markets traded higher, with South Korea, Hong Kong, and Japan leading gains, and the dollar held firm as investors recalibrated expectations for the Federal Reserve's next rate cut. Oil drifted lower after gaining around 9 percent last week, and gold was subdued despite escalating tensions in Gaza and Lebanon. On Friday, the pan-European STOXX 600 rose 0.4 percent, Germany's DAX advanced 0.6 percent, and France's CAC 40 surged 0.9 percent.

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