European stocks battled back from steep early losses to finish little changed from the previous session, as bargain hunters shrugged off a dismal U.S. jobs report that fueled concerns about the underlying strength of the world's biggest economy.
Indications that Greece is closer to a deal for additional funding from the European Union and International Monetary Fund helped bring a sense of calm to the markets.
Reports said that Greece has agreed to 6.4 billion in austerity measures in return for a lifeline that will allow it to meet its financial obligations through 2013.
The Euro Stoxx 50 index of eurozone blue chip stocks unofficially rose 0.16 percent. Still the regional benchmark was down more than one percent for the week.
the Stoxx Europe 50 index, which includes some major U.K. companies, was down 0.35 percent today at last check.
The German DAX rose 0.36 percent, while the French CAC 40 is inched up 0.02 percent. UK's FTSE 100 was virtually unchanged.
Switzerland's SMI unofficially slid 1.37. The Swiss market was closed yesterday, when other markets around the region suffered heavy losses.
Among the DAX components, Commerzbank led gainers by adding 4.9 percent. Deutsche Bank rose 2 percent.
Automakers BMW and Daimler were marginally higher.
Diversified utilities RWE and E.ON fell 2.7 percent and 1.3 percent, respectively. FT Deutschland said that the utilities will have to lower their sales forecasts.
Shares of RWE and E.ON have been falling since the German government said it would phase out its nuclear energy program.
On the flip side, Roth and Rau shares rose 2.2 percent amid news that China may double its solar-power generation capacity.
Kabel Deutschland Holding AG (KD8) rose 1.65 percent after Goldman Sachs reiterated its "conviction buy" recommendation.
JPMorgan raised its price target on Allianz to 109 euros from 106 euros. The insurer was up fractionally today.
Merck was flat. UBS lifted its price target on the drugmaker to 76 euros from 66 euros.
Unicredit raised its price target on Henkel to 54 euros from 46 euros. The stock was little changed.
Nokia shares continued to sink, days after the company warned about its core mobile business. Shares fell 2.5 percent in Frankfurt.
In Paris, car maker Peugeot was up 2.1 percent. Renault rose 0.5 percent.
Credit Suisse raised its price target on Axa to 19.50 euros from 18.50 euros. The insurer added 0.65 percent.
EADS, the parent company of Airbus, is sitting on nearly 12 billion euros cash and is on the hunt for acquisitions, French newspaper L'Expansion said. EADS shares rose 0.7 percent.
Banks BNP Paribas, Societe Generale and Credit Agricole were up more than 2 percent each.
In London, chipmaker Autonomy rose 3.2 percent. The company said it closed the acquisition of some assets of Iron Mountain's digital division earlier than anticipated, due to unexpectedly rapid regulatory approvals.
In economic news, U.S. employment rose far less than expected in May to record its weakest reading since September, driving the jobless rate to 9.1 percent.
The U.S. economy showed a net gain of 54,000 jobs in May, far lower than the 170,000 predicted by most economists and well short of the addition of 232,000 jobs in April.
"The weak data continues a series of recent disappointments from the U.S. ," said Christoph Schmidt, asset manager at NMF AG.
Germany's private sector growth eased in May, signaling the weakest expansion in activity since October 2010, data released by Markit Economics and BME showed.
Separately, Markit Economics said eurozone private sector growth eased to a five-month low in May.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.