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The
pan-European STOXX 600 index was up 0.1%, trading just below its
record high hit earlier this week. It was on track to record a
0.5% weekly rise, boosted by automakers and commodity stocks.
All eyes are on the U.S. May payrolls data later in the day,
with a strong reading expected to reinforce expectations the
Federal Reserve would pare back its massive stimulus programme
quicker than expected.
A survey on Thursday showed euro zone business activity surged
in May as the easing of some coronavirus related restrictions
injected life into the bloc's dominant services industry.
The data comes ahead of the Fed and the European Central Bank's
policy meeting next week, where investors will watch for hints
on tapering of their large bond purchase programmes.
"It is too soon for the ECB to begin even hinting at any form of
monetary tightening, even with economic growth improving," BCA
Research analysts wrote in a note. "While headline inflation
pushed above the central bank's 2% target in May, core inflation
only rose to 0.9%."
Shares in British Airways-owner IAG, Wizz Air and easyJet
slipped between 1%-2% after Britain added seven countries,
including Egypt and Sri Lanka, to its "red list" of destinations
that require hotel quarantine on return to England.
Ryanair slipped 1.2% even as its chief executive officer
forecast unrestricted movement between Europe and Britain from
July onwards.
French media giant Vivendi, which owns Universal Music Group,
slipped 0.1% after early gains on news billionaire William
Ackman's Pershing Square Tontine was in talks to buy 10% of the
music label for around $4 billion.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj
Kalluvila)
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