European stocks traded higher Friday morning, as investors brace for a key U.S. jobs report that could help determine monetary policy in the world’s largest economy.European Markets: FTSE, GDAXI, FCHI, IBEXThe pan-European Stoxx 600 climbed 0.2% in early trade, with tech stocks rising 0.8% to lead gains while banks slipped 0.4%.The early moves come after gains on Wall Street in the previous session, with Asian stocks also edging higher overnight.Market sentiment appeared to be cautious ahead of U.S. payrolls data on Friday. It comes after a frail performance for world stocks in recent weeks, with investors gripped by political uncertainty in the U.S. and Hong Kong, geopolitical tensions in the Middle East, Brexit tensions and a flurry of weaker-than-anticipated economic data.U.S. nonfarm payrolls data has been forecast to show the U.S. economy added 145,000 new jobs in September, Reuters reported, more than an increase of 130,000 in the previous month.Market participants have priced in an almost 90% chance that the U.S. central bank will cut interest rates by 25 basis points in October, according to CME Group’s FedWatch tool.The Fed has already cut interest rates twice this year, as policymakers try to limit the fallout caused by the ongoing U.S.-China trade war.Back in Europe, European Council President Donald Tusk has said he is “open but not convinced” by British Prime Minister Boris Johnson’s proposals for a Brexit deal.On Thursday, Johnson said he felt he had made a “genuine attempt to bridge the chasm” with EU lawmakers. The U.K. is scheduled to leave the bloc at the end of the month, with time running out for both sides to reach a deal.In corporate news, BP announced that CEO Bob Dudley will step down as of March next year to be replaced by current upstream chief executive Bernard Looney. The energy giant’s shares were up 0.7% in early trade.On the data front, German construction Purchasing Managers Index (PMI) for September will be released shortly after the opening bell.In terms of individual stocks, Norway’s Tomra Systems was the biggest early gainer, adding 4.9%, while Britain’s Clydesdale Bank slipped 1.9% to the bottom of the Stoxx 600.
