Stocks stagnant ahead of non-farms

European equities are broadly unchanged as traders sit on their hands ahead of the US jobs report at 1.30pm (London time).

It is likely that trading volumes and market volatility will remain low this morning, as dealers await the non-farm payrolls and unemployment report which are released at lunchtime.

The market consensus is for 180,000 new jobs to be added to the payroll and the unemployment rate to remain unchanged at 7.4%. The US Federal Reserve has pegged their stimulus package to the unemployment rate so if the figure comes in lower than expected we could see a decline in equities, as it may signal a reduced stimulus package.

In corporate news, Tullow Oil has announced that an oil well it has a 20% stake in, off the coast of Norway, has discovered oil. Shareholders welcomed the news and the share price is up 1.8%.

The owner of British Airways, International Consolidated Airlines Group has been upgraded by Cantor Fitzgerald, as its target price has risen from 290p to 360p. The stock is trading at 300p, up 0.3%.

Air France-KLM is up 1.5% on the day after the company announced a 3% rise in passenger numbers in August.

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