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US job gains lifted market sentiments

US job gains lifted market sentiments

European shares retreated from four-month highs and the euro edged down from a one-month peak on Monday as investors grew cautious over the prospects of a bailout for Spain with its 10-year bond yield holding close to 7 percent danger levels.

Markets had rallied last week after robust U.S. jobs data eased concerns about global growth, and the European Central Bank outlined a plan to buy the bonds of heavily indebted euro zone nations to ease funding pressures on their governments.

But President Mario Draghi said the ECB would act only in cooperation with the euro zone bailout funds, and would require countries to ask for help first.

Spanish Prime Minister Mariano Rajoy has signalled he may seek a full-blown aid package, but has not yet made a decision on the matter. The Spanish debt market 10-year bond yields eased slightly by 2 basis points to trade around 6.91 percent.

The US labour market report in Friday has lifted the mood of international investors. The better than expected nonfarm payrolls increased by 163,000 in July giving hope to the struggling jobs market in US.

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