Volkswagen Surges Amid Eurozone Market Decline Ahead of US Jobs Data
European stock markets were down on Friday ahead of highly anticipated US jobs data. Despite this decline, Volkswagen's shares surged by 5.7% after the company announced a major transformation plan to turn around its struggling business.
The pan-European STOXX 600 index was down 0.2%, while Germany's DAX inched 0.1% lower and London's FTSE dropped 0.2%. France's CAC 40 also dipped 0.2%.
European banking stocks fell 0.7% after Federal Reserve Governor Christopher Waller's comments eased concerns about a tighter monetary policy, allowing markets to rein in expectations of rate hikes.
The August US nonfarm payrolls report is due later in the day and investors are watching its release closely. Meanwhile, Brent crude traded around $96 a barrel, on track for its steepest weekly gain since mid-July.