In European Equity Markets stocks ebbed slightly lower Friday, as losses for Swiss Re AG and British home builders hit the regional index, as investors focused on the U.S. monthly jobs report due later. The Stoxx Europe 600 index was down 0.1 percent at 378.61, led by consumer services, health care and financial shares. Swiss Re AG was down 4 percent. The Zurich-based reinsurance company said its first-half net earnings fell to $1.21 billion from $1.87 billion in the year ago period. Royal Bank of Scotland Group PLC  climbed 3.3 percent after the lender posted its first half-year profit in three years, despite a $5.5 billion U.S. settlement.

In Currency Markets the U.S. dollar was on course for its biggest one-day gain against a basket of major rivals so far this year after a strong U.S. July payrolls report and comments from National Economic Council director Gary Cohn that the U.S. administration is working on a tax plan that would bring corporate profits back to United States. Against the Japanese yen, the dollar gained as much as 0.9 percent to a one-week high of 111.04 yen, rising off recent seven-week lows.The euro fell more than 1 percent against the dollar to a four-day low of $1.1729 after touching a more than 2-1/2-year high of $1.1909 Wednesday. The dollar touched 0.9763 franc, its highest against the Swiss currency in more than six weeks.

In Commodities Markets oil prices rose after a strong U.S. jobs report bolstered hopes for growing energy demand, but crude prices remained on track for a small weekly decline, pressured by rising OPEC exports and strong output from the United States. Global benchmark Brent futures were up 0.8 percent, at $52.40 a barrel, while U.S. West Texas Intermediate crude was up 0.9 percent, at $49.46.  Spot gold fell 0.5 percent to $1,262.09 an ounce, on track to end the week down 0.5 percent. Silver fell 1.1 percent to $16.43 per ounce, having hit a one week low of $16.39. Platinum climbed 0.6 percent to $966.60 per ounce, having earlier hit its highest since late April at $969.60, while palladium fell 0.1 percent to $882.80 per ounce.

In US Equity Markets stocks were off their highs in late morning trading on Friday and the Dow was on track to close higher for the ninth straight day after data showed U.S. employers hired more workers than expected in July. The Dow Jones Industrial Average was up 0.09 percent, at 22,045.83 and the S&P 500  was up 0.13 percent, at 2,475.48. The Nasdaq Composite was up 0.16 percent, at 6,350.53. Six of the 11 major S&P sectors were higher, with the financial index’s 1.02 percent rise leading the advancers. Shares of Viacom lost 12.97 percent after the company forecast a low single-digit decrease in sales. Walt Disney was down 1.59 percent and was the top drag on the Dow and the S&P.

In Bond Markets U.S. Treasury yields rose on Friday after data showed that U.S. employers hired more workers than expected in July, while wage growth also met economists’ expectations. Benchmark 10-year notes were last down 7/32 in price to yield 2.25 percent, up from 2.23 percent late on Thursday. In late Friday trade, Germany’s benchmark 10-year Bund yield was up 1.5 basis points at 0.47 percent.

European Equity Upgrades/Downgrades

• FRAPORT AG (FRA GY) DOWNGRADED TO HOLD FROM BUY AT HSBC
• NORDEA (NDA GY) DOWNGRADED TO UNDERWEIGHT FROM EQUALWEIGHT AT MORGAN STANLEY
• STMICROELECTRONICS (STM FP) DOWNGRADED TO SELL FROM NEUTRAL AT UBS
• SOCGEN (GLE FP) UPGRADED TO BUY FROM NEUTRAL AT UBS
• NATIXIS (NXI FP) DOWNGRADED TO HOLD FROM BUY AT HSBC
• IBERDROLA (IBE SM) DOWNGRADED TO HOLD FROM BUY AT BERENBERG
• KUEHNE & NAGEL (KNIN VX) DOWNGRADED TO UNDERPERFORM FROM HOLD AT JEFFERIES
• PANDORA (PNDORA DC) RESUMED WITH A BUY RATING AT CITI