LONDON — European stocks opened lower on Friday as investors awaited key jobs data and continued to digest the U.S. Federal Reserve‘s more hawkish tone.

The pan-European Stoxx 600 traded 0.4% lower at 9 a.m. London time, shortly after bourses opened across the continent.

Chemicals, food and beverages and telecoms were among the worst performing sectors in early trade. Basic resources, on the other hand, was the top gainer.

Looking at individual stocks, ST Micro was among the top performers, up by almost 3%, after reporting higher-than-expected sales in the fourth quarter.

Deutsche Bank also traded higher on Friday after positive statements that the bank is on track to hit key profit targets, Reuters reported.

In other stock news, Air France – KLM will need to raise fresh capital in 2022 of between 1 and 2 billion euros ($1.13 billion and $2.26 billion), Les Echos reported.

Jobs Report

Minutes from the Fed’s December meeting revealed Thursday a hawkish stance within the central bank. Officials said they are ready to not only increase rates and reduce bond buying, but also to have conversations about lower holdings of Treasurys and mortgage-backed securities.

The news sparked a sell-off in many markets around the world.

Investors will now be closely watching new jobs data out of the U.S., due at 8:30 a.m. ET / 13:30 GMT.

Economists have estimated that the U.S. economy added 422,000 jobs in December, according to data compiled by Dow Jones. The unemployment rate, due at the same time, is expected to come in at 4.1%.

Back in Europe, investors are taking in new trade data from Germany.

Germany’s trade surplus dropped to its smallest level in November since 2011, according to Reuters. In addition, industrial production also fell 0.2% month-on-month.

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“Supply chain frictions are keeping German industry in a stranglehold. Only exports are sending some glimmers of hope. However without production, the export revival will also be short-lived,” Carsten Brzeski, global head of macro at ING, said in a note.

There will also be flash inflation figures for the euro zone in December and new consumer confidence data.

On the political front, foreign affairs minister of the North Atlantic Treaty Organization (NATO) are gathering virtually Friday to discuss Russia’s troop build-up near Ukraine. Their meeting precedes high-level talks between Russia, the U.S. and NATO next week.

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