European stocks held mostly steady on Friday after American tariffs on 34 billion dollars worth of Chinese imports took effect and China vowed to make a necessary counterattack in equal measure.

The focus now turns to the U.S. jobs report due later in the day, with likely to keep a close watch on wage growth.

The pan-European Stoxx Europe 600 index was up 0.2 percent at 382.42 in late opening deals after rising 0.4 percent the previous day.

The German DAX was moving up 0.2 percent and France's CAC 40 index was rising 0.3 percent while the U.K.'s FTSE 100 was marginally lower.

ThyssenKrupp jumped 2.4 percent after its Chief Executive Heinrich Hiesinger offered to quit, opening the way for a more radical restructuring of the industrial conglomerate.

Nokia Corp. rose about 1 percent after signing a pact with China Mobile to investigate the potential of artificial intelligence and machine learning.

British satellite company Inmarsat slumped 8 percent after rejecting a second takeover bid from EchoStar.

Investors shrugged off a government report showing that France's foreign trade gap widened in May, as exports fell faster than imports. The trade deficit rose to EUR 6.0 billion in May from EUR 5.21 billion in the previous month.

Elsewhere, Germany's industrial production recovered at a faster than expected pace in May, data from Destatis revealed.

Industrial output grew 2.6 percent month-on-month in May, reversing a revised 1.3 percent drop in April. Output was forecast to grow marginally by 0.3 percent.

U.K. house prices increased at a slower pace in June, data from the Lloyds bank subsidiary Halifax and IHS Markit showed.

House prices grew only 0.3 percent on month in June, following May's 1.7 percent increase. Prices were expected to gain 0.2 percent.

by P2PNews Staff Writer

editorial@p2pnews.com

Market AnalysisBB

Image Credit: P2P Media