European Stocks Slip as Investors Stay Cautious Ahead of U.S. Jobs Report

Frankfurt (Dec 2)  European stocks opened weaker Friday after losses in Asia as investors prepare for employment data from the United States and a crucial constitutional referendum this weekend in Italy.

Britain's FTSE 100 dropped 0.7% at the start of trading in London to 6,702 points, held down by basic materials and energy stocks. Germany's DAX performance index fell 76 points, or 0.73% at the open while France CAC-40 dipped 33 points. In Italy, the FTSE MIB opened 0.67% lower in the final trading session ahead of Sunday's plebiscite on Senate reform which could trigger the resignation of Prime Minister Matteo Renzi.

Aixtron SE (AIXG) shares were an early mover of note in Germany, falling 7.2% to on reports that President Barack Obama is preparing to reject a proposed €670 million ($714 million) takeover of the German chipmaker by China's Fujian Grand Chip Investment Fund LP.

Obama was asked to decide the fate of a controversial takeover after the powerful Committee on Foreign Investment in the United States recommended the deal be withdrawn on national security grounds.

Asia stocks fell Friday amid a weaker U.S. dollar and faded risk sentiment ahead of both the November non-farm payrolls report from the U.S. Labor Department at 13:30 GMT. Japan's Nikkei 225 ended the session down 0.47% as traders pared holdings amid a rebound in the yen, which strengthened against a softer U.S. dollar in overnight trading. Hong Kong's Hang Seng index fell 1.2% while China's main Shanghai composite fell 1.05%.

Oil markets were also quieter overnight, with prices for both Brent and WTI crude for January delivery slipping around 0.2% by 07:15 GMT as traders began to question the ability of OPEC members to implement their agreed 1.2 million barrel per day production cuts.

Source: TheStreet