6/7/2019, 5:30 PM (Source: TeleTrader)
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Europe closes higher amid rate cut hopes

European equities closed with gains on Friday as weaker-than-expected nonfarm payrolls in the United States added to hopes of an interest rate cut from the Federal Reserve.

The US Bureau of Labor Statistics said nonfarm payrolls increased by 75,000 in May, far below the expected number of 180,000, with wage growth slowing as well. Earlier this week, Federal Reserve Chair Jerome Powell said the central bank would do what it must to "sustain the expansion."

The DAX jumped 0.77% at the end of the session led higher by software company SAP and Adidas. Meanwhile on Euronext, the CAC 40 soared 1.62% with Sanofi topping the chart. In London, the FTSE 100 surged 0.99% as BT Group led the gains. The euro advanced 0.49% against the dollar at 5:48 pm CET, buying 1.1329.

Breaking the News / JC