European stocks were little changed

European stocks were little changed, with the Stoxx Europe 600 Index heading for its biggest weekly rally in two months, as investors awaited data on the American labor market.

U.S. data at 8:30 a.m. Washington time will probably show that employers added 165,000 jobs in June and the unemployment rate fell to 7.5 percent, matching the lowest level since 2008, according to economists. A sustained improvement in the labor market may influence how quickly the Fed pares its $85 billion monthly asset purchases.

In the euro area, investors awaited data on factory orders in Germany, Europe’s largest economy. A report at noon Frankfurt time may show orders increased 1.2 percent in May, after dropping 2.3 percent in the previous month, economists forecast.

Sky Deutschland jumped 4 percent to 5.96 euros, rising for a ninth day, its longest winning streak since November 2010. Goldman Sachs added the company to its “conviction buy” list, citing increased subscriptions and potential for mergers and acquisitions in six to nine months. Goldman also raised its 12-month price target for the shares to 7.20 euros.

Seadrill, the offshore driller controlled by billionaire John Fredriksen, rose 1.7 percent to 253.90 kroner. Bank of America’s Merrill Lynch unit upgraded its rating on the stock to buy from hold, citing the company’s high dividend yield and drilling-fleet expansion.

Heineken fell 0.4 percent to 50.54 euros after JPMorgan downgraded the stock to underweight, a rating similar to sell, from neutral. The brewer may post a 4 percent drop in beer volumes because of poor weather in Europe and high inflation in emerging markets, analysts led by Mike J Gibbs wrote.

FTSE 100 6,458.36 +36.69 +0.57%

CAC 40 3,803.73 -5.58 -0.15%

DAX 7,982.41 -11.90 -0.15%