European stocks rise as markets assess US employment data

European stocks closed higher on Thursday. The pan-European STOXX 600 index ended trading up 0.5%. Meanwhile, Germany's DAX index was up 0.6% at closing time on the Frankfurt Stock Exchange.

As noted by Reuters, investors were responding to better-than-expected data on employment in the United States. As stated by Jeff Schulze, head of economic and market strategy at ClearBridge Investments, such dynamics of the United States labor market is perceived by the markets as positive for stocks, despite the expected persistence of higher interest rates. Now, according to Reuters, most investors expect the US Federal Reserve to cut rates only in September.

In addition, global stock markets got a boost from the announcement of a trade deal between the US and Vietnam. According to European Commission head Ursula von der Leyen, the European Union also aims to conclude an agreement in principle with America before the July 9 deadline.

Stocks of German engineering company Siemens closed 0.8% higher after rising 3% in response to easing global trade tensions.