European markets have opened higher, taking their lead from Asian markets, as traders wait for this afternoon US jobs data.

The market is expecting US payrolls to increase by 111,000 after August's 96,000 increase. The US unemployment rate is seen rising to 8.2% from 8.1% in August.

Back in the old world, International Monetary Fund (IMF) Managing Director Christine Lagarde admitted last week that the IMF would be cutting global growth forecasts for 2012 and 2013, and German daily Handelsblatt reports that it already has the numbers.

According to the German paper, the IMF will reduce the global gross domestic product (GPD) growth forecast to 3.3% this year, down from the prior 3.4% estimate.

In 2013, growth will accelerate to 3.6%, though still below the prior expectation of a 3.9% rise.

The Eurozone is also expected to contract 0.4% in 2012 and grow 0.2% the following year. In 2013, the IMF expects 8.2% growth in China, down from the prior 8.4% forecast.

Slow day for corporate news

Corporate news flow is light and so much of the market action is being generated by broker commentary.

German airline Deutsche Lufthansa has been downgraded to "sell" from "reduce" by AlphaValue. The price target has been trimmed to €9.40 from €9.80.

The same broker upgrades Eramet, the French mining group, to "buy" from "add" and raises the price target to €120.40 from €112.00.

Fragrances maker Givaudan comes up smelling of roses after UBS added the Swiss firm to its "most preferred" list of European chemical companies.

Credit Suisse has been sued in the US by a credit union regulator which claims the Swiss bank did not adequately explain the risks inherent in investing in the mortgage-backed securities it was selling to credit unions stateside.

Drugs firm Sanofi is wanted after favourable test results on its diabetes drug Lantus.

Other markets

Brent crude for November delivery is 48 cents cheaper at $112.10 a barrel.

German bunds are off the pace after rising the previous two days. Ten-year bund yields hardened after yesterday's decision by the European Central Bank to keep its key lending rate unchanged. The yield on the benchmark 10-year bund is 1.47%, up from 1.45% last night.

DAX - Risers
Bayerische Motoren Werke € 60.49 +1.22%
Volkswagen € 147.10 +1.20%
SAP € 54.85 +1.12%

DAX - Fallers
Laxness € 63.24 -1.13%
E.ON € 18.36 -0.94%
RWE € 35.21 -0.51%

CAC 40 - Risers
Technip (TEC) € 89.02 +1.88%
Societe Generale (GLE) € 23.16 +1.16%
ST Microelectronics (STM) € 4.33 +1.00%
Sanofi (SAN) € 68.09 +0.92%
BNP Paribas (BNP) € 38.38 +0.88%
Vallourec (VK) € 33.49 +0.78%
Vivendi (VIV) € 15.40 +0.69%
Schneider Electric (SU) € 48.83 +0.67%
Credit Agricole (ACA) € 5.77 +0.63%
Total (FP) € 38.56 +0.61%

CAC 40 - Fallers
Bouygues (EN) € 19.16 -2.04%
Legrand SA (LR) € 29.84 -0.83%
EDF (EDF) € 16.58 -0.75%
GDF Suez (GSZ) € 17.65 -0.59%
Veolia Environnement (VIE) € 8.28 -0.59%
Peugeot (UG) € 6.11 -0.47%
Renault (RNO) € 36.21 -0.43%
Pernod Ricard (RI) € 88.00 -0.22%
LVMH (MC) € 120.05 -0.21%
L'Oreal (OR) € 96.91 -0.16%


JH

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