European stocks rose 2% on Friday, posting gains for the first time in six days, after key U.S. jobs data lowered bets on a more aggressive Federal Reserve, but posted their third week to down on concerns about energy prices.
* The pan-European STOXX 600 index advanced 2%, but posted a weekly decline of 2%.
* Data showed U.S. businessmen hired more workers than expected in August, but moderate wage growth and a rise in the unemployment rate could ease pressure on the Fed to raise rates for a third time by 75 basis points this month.
* “If wage growth continues to moderate along with goods and services prices, the Fed could find an opportunity to slow the pace of hikes, which would certainly spark a recovery in equities,” said Peter Essele , from Commonwealth Financial Network.
* Flows of Russian gas through the Nord Stream 1 pipeline to Germany remained at zero on Friday morning after Russia’s Gazprom (MCX: GAZP ) cut off supply for a three-day maintenance outage on Jan. 31. August.
* “I think that the world economy, especially the European one, remains hostage to what Russia decides to do with gas flows, at least during this coming winter. We have to prepare for more potential problems coming from Russia,” he said. Andrea Cicione of TS Lombard, based in London.
* Credit Suisse (SIX: CSGN ) rose 6.1% on reports that Switzerland’s second-largest bank is considering cutting some 5,000 jobs in a cost-cutting drive.
* Philips (AS: PHG ) hit its lowest since July 2012 after a subsidiary of the Dutch medical device maker agreed to pay more than $24 million to settle alleged false claims about airway-related medical equipment, the newspaper reported. United States Department of Justice.