European stocks little changed ahead of US payrolls data

(Reuters) – European shares were little changed on Friday ahead of U.S. payrolls data that could sway expectations around the Federal Reserve’s policy move later this month, while investors continued to monitor political ructions in France and South Korea.

The pan-European STOXX 600 was down 0.04% by 0813 GMT, following six consecutive days of gains. The index is on track for its best weekly performance in ten.

French assets were calmer after President Emmanuel Macron said he will appoint a new prime minister in the coming days whose top priority will be getting a 2025 budget adopted by parliament, after the government was toppled by lawmakers.

The country’s benchmark CAC 40 index rose 0.2%, hovering near a three-week high hit in the prior session.

Focus will be on the highly anticipated U.S. payrolls data for November, scheduled for 1430 GMT, that could alter the odds of a Fed rate cut this month. Traders are currently pricing in a 68% chance of such a move.

Among individual stocks, Direct Line (LON:DLGD) rose 8.5% after the British insurer said it was set to recommend a sweetened 3.61 billion pound ($4.60 billion) cash-and-stock takeover by Aviva (LON:AV), if the bigger rival makes a formal offer.