Traders cautious ahead of non farm payrolls announcement in the US today

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European shares opened flat today as investors remained cautious about the US jobs report later in the day that could determine when the Federal Reserve will start scaling back its monetary stimulus.

At 9am GMT, future contracts for the UK FTSE were nearly flat at around 6519. This was also the case for Germany’s DAX, which traded at 8217.5.

The biggest risers and fallers for the FTSE were Tullow Oil, which was up 19 points, or 1.84% and ITV, which was down by 1.66%.

Moving over to equities, Ericsson AB climbed 1.6% after Credit Suisse Group AG raised its rating of the share.

In terms of economic data, the most important figure to look out for today will be the US non-farm employment change, which will be examined for clues on whether the US recovery is strong enough to allow the Fed to move to taper asset purchases as soon as this month.

The world’s biggest economy is expected to have added 180,000 non-farm jobs last month, keeping the unemployment rate steady at 7.4%.

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