European stock markets mixed as UK job ads hit record

European markets got off to a mixed start on Friday as UK job adverts reached a new record as the labour shortage continues in the run up to Christmas.

In London, the FTSE 100 (^FTSE) fell 0.3% after opening, retreating from its 20-month high the previous session, while the CAC (^FCHI) rose 0.2% in Paris, and the Frankfurt DAX (^GDAXI) was trading flat.

It came as the number of active job postings at UK firms hit 2.68 million in the first week of November, a record high.

According to the Recruitment and Employment Confederation (REC), another 221,000 adverts were added during the week, the fourth highest weekly figure since the start of 2020.

Growth in job adverts showed “no signs of slowing down in the build up to Christmas”, the REC said, despite concerns about increases in the cost of living and COVID-19.

“The general positive trend varies by region and sector, however. London has been affected more than other areas by the rise of hybrid working, and its jobs market continues to grow at a slower pace than the rest of the UK,” Neil Carberry, chief executive of the REC, said.

“And while roles in logistics and care are in high demand, the construction sector saw a drop-off last week as supply issues constrained the industry’s ability to work to capacity.”

Read more: ‘Overwhelming majority’ of UK businesses raise prices amid supply chain squeeze

Across the pond, S&P 500 futures (ES=F) were up 0.1%, Dow futures (YM=F) also rose 0.1%, and Nasdaq futures (NQ=F) were 0.2% higher as trade began in Europe.

It followed a mixed session on Thursday when the S&P 500 almost 0.1% higher while the Nasdaq rose 0.5%.

The world’s stock prices posted their biggest fall in over a month on Wednesday following a surprisingly strong reading on US inflation. 

The US consumer price index rose 6.2% year-on-year in October, the strongest advance since November 1990.

Later today investors will be looking towards the latest JOLTS job openings data for September, with expectations for a fall to just over 10 million.

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The US dollar is on track for its best week in almost five months, after the inflation reading added pressure for the Federal Reserve to raise interest rates.

Meanwhile, Asian share prices advanced on Friday investors were now hopeful that the worst price hikes could be soon over.

In Japan, the Nikkei (^N225) climbed 1.1%, helped by strong earnings, while the Hang Seng (^HSI) was 0.3% up and the Shanghai Composite (000001.SS) rose 0.2%.

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