Insurers led gains in Europe's Stoxx 600 index, after Aviva Plc was cited in a newspaper as a target for potential bidders. Prudential, Legal & General Group and Phoenix also rose.
“Although both numbers haven't been moving in tandem recently, the lower-than-expected ADP figures have given markets hope that September nonfarm payrolls will surprise to the downside,” said Julien Lafargue, chief market strategist at Barclays Private Bank. “Beyond the number of job creations, investors will pay close attention to wage growth figures and whether they confirm recent disinflationary trends.
“Friday's payrolls data, and next week's inflation number, will decide whether the 10-year Treasury yield goes up to 5 per cent or down to 4.5 per cent,” said Kenneth Broux, a strategist at Societe Generale in London. A higher-than-forecast jobs number may trigger “another wave of dollar-buying and bond-selling,” he said.
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