European stocks gain as oil inches up, G7 in focus

European share prices rose in early trade on Friday on the back of a string of corporate news and higher oil prices, while investors eyed the Group of Seven finance ministers meeting in Germany.

A 2.2-percent rise in DaimlerChrysler shares pushed up the DJ Stoxx European auto sector index after Citigroup upgraded the shares to a "buy" from a "hold".

The pan-European FTSEurofirst index of 300 leading shares rose 0.5 percent to 1,542.74 points by 0853 GMT.

London's FTSE 100 gained 0.7 percent and the French CAC 40 and Germany's DAX rose 0.6 percent

Read more at Reuters South Africa

Dollar holds ground ahead of payrolls data, G7 eyed

The dollar steadied against major currencies on Friday, with investors reticent to take positions ahead of key U.S. data, while markets were alert for commentary on yen weakness ahead of next week's Group of Seven meeting.

January's U.S. non-farm payrolls report, due at 1330 GMT, will be scanned by investors for evidence to reinforce a solid growth outlook and the Federal Reserve's steady stance on interest rates.

Economists expect the data to show 149,000 jobs added in January after a rise of 167,000 the previous month.

Read more at Reuters South Africa

Japan to escape censure over weak yen

Divisions between the world’s leading economies about coping with the rapidly weakening yen look set to prevent any concerted effort to stabilise the Japanese currency at this month’s Group of Seven finance ministers’ meeting in Germany.

But Japanese officials are braced for informal pressure over the depreciating yen at the Essen meeting, even if it is not raised in the final communiqué or discussed formally.

Tokyo’s nerves have been jangled by expressions of concern from senior officials in the US and Europe as the yen has hit 20-year lows in real terms against other major currencies

Read more at FT.com

Dollar weaker before US jobs data, G7 looms

The dollar was steady against major currencies on Friday, nursing losses as investors awaited monthly U.S. jobs data and kept an eye out for more comments on the weak yen before next week's Group of Seven meeting.

The yen's 16 percent slide in the past three years to record lows against the euro has become the centre of attention before the G7 gathering as European officials have sought to make the currency's woes a major topic of discussion.

But Japanese and U.S. officials have played down the focus on the yen, with U.S. Treasury Secretary Henry Paulson telling Congress this week that the weak yen reflected Japan's low interest rates in trying to shake off years of deflation.

Read more at Reuters South Africa

Dollar pressured by Fed, caution high before G7

The dollar was on the back foot on Thursday after the Federal Reserve said inflation pressures were likely to moderate, suggesting the U.S. central bank would not raise interest rates in the coming months.

Dollar sentiment also softened on growing wariness ahead of next week's meeting of financial officials from the Group of Seven industrialised nations in Germany.

The Japanese currency was supported against the dollar and euro as market players hedged against the risk of the G7 saying something about the yen's broad weakness, especially as European officials have said the issue would be discussed at the February 9-10 meeting.

Read Full Article at Reuters South Africa