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Market Update

European Stocks Steady At Open

European indexes stuck to the flat-line in opening trades Friday as investors awaited a key jobs report from the U.S. later in the day.

TheFTSE 100, the DAX Frankfurt and the CAC 40 Paris were all up 0.1% each at the time of writing (8:40 a.m. London time).

Investors were eyeing the release of U.S. nonfarm payrolls after data yesterday showed initial jobless claims in the country fell to its lowest level since January 2008 last week.

Although the Federal Reserve gave no clear indication as to when it would start tapering its bond-purchase program, markets are keeping a close watch on the economic growth factors that would bolster or weaken the Fed's case to withdraw monetary stimulus.

Stocks on the Move

Financial stocks as as well as resources were trading mostly lower.

Among financials, French lenders Credit Agricole SA and BNP Paribas SA retreated 1.4% and 1% respectively while German lender Deutsche Bank AG dropped 1.5%. But Commerzbank AG gained 1.2%.

London-listed Barclays Plc. fell 1.3% while Lloyds Banking Group Plc. pulled back 1.7%.

Royal Bank of Scotland Group Plc. slumped 4.1% after the bank appointed Ross McEwan, the head of its retail bank, to the role of chief executive.

In the resources segment, BHP Billiton Plc. lost over 1%, Rio Tinto slipped 0.3% and Anglo American Plc. erased 1.3%.

On the earnings front, International Consolidated Airlines Group SA said it swung to profit  for the second quarter and is likely to grow capacity by 5% for the full year. Shares of the group bounced 3.5% on heels of the news.

Germany's Allianz SE was up 1.4% after its net profit rose 27% during the second quarter, and as the company said it is well on track to reach the top-end of the range of its 2013 target of operating profit.