European stocks are set to fall on Tuesday, as investors digest weaker-than-expected U.S. jobs report, which was released while the markets were closed on Friday. The major European markets remained shut on Monday too for Easter holiday.
Global equities and crude oil fell on Monday after data last week showed U.S. employers had added fewer jobs than forecast in March. Non-farm payroll employment increased by 120,000 jobs in the month, far fewer than in previous months, while the unemployment rate edged down 0.1 percentage point to 8.2 percent, as workers left the labor force.
U.S. stocks ended notably lower overnight in the wake of Friday's disappointing jobs report. The Dow lost a percent, while the tech-heavy Nasdaq and the S&P 500 shed around 1.1 percent each. Asian markets are trading mixed, paring early gains, as global growth concerns continued to keep investors at bay.
On the macroeconomic front, China unexpectedly posted a trade surplus in March, as import growth slowed significantly despite government's efforts to shift towards domestic consumption-led economic growth. The Bank of Japan, meanwhile, kept its benchmark interest rate and stimulus programs unchanged and said the economic activity is showing signs of picking up.
Closer home, house prices in the United Kingdom improved in March, according to survey results released by the Royal Institution of Chartered Surveyors. The RICS Home Price Balance for March rose to minus-10 from minus-13 in February. The March reading was the strongest since June 2010.
In corporate news, oil giant BP Plc plans to name Scott Sloan as its Russia president replacing Jeremy Huck, who will move to the oil giant's headquarters in London, reports said quoting a spokesman.
Illumina's board recommended that stockholders reject Roche's offer and vote for the election of Illumina's highly qualified nominees at its 2012 annual meeting of stockholders.
by RTT Staff Writer
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