European stocks decline as focus turns to US data

European stocks fell today, Friday, to continue the heavy losses incurred in the previous session, in the wake of US data that showed that the labor market is still strong, while investors await an important report on US jobs.

By 0710 GMT, the pan-European STOXX 600 index was down 0.4 percent, on track for its worst weekly performance since mid-March. The utilities sector led the losses, as it recorded a decline of 1.2 percent. The Financial Times 100 index fell by 0.6 percent

According to “Reuters”, European stocks fell on Thursday after data showed an increase in jobs in the private sector in the United States, much more than expected in June, indicating the continued strength of the labor market despite the increasing risks of recession.

The data also led to an increase in US Treasury yields for two years to the highest level in 16 years, and yields for ten-year Treasury bonds in Britain rose to the highest level since 2008.

Shell fell 0.2 percent after Europe’s largest oil and gas company said on Friday that it expects second-quarter turnover in its gas unit to be “significantly lower” compared to the previous quarter.