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The Deal: European Stocks Mover Lower Ahead of U.S. Jobs Data

Stocks in this article: ALU TMUS

LONDON (The Deal) -- European stock indices moved downward on Friday, with Chinese stocks roiled by the country's first corporate bond default.

Investors looked to February nonfarm payrolls data from the U.S. later Friday for direction after a volatile week which has been dominated by the geopolitical fallout from the ouster of a pro-Russian government in Ukraine.

Nonfarms payroll data is out at 8.30 a.m. EST.

Meanwhile in China, Shanghai Chaori Solar Energy Science & Technology, a solar panel maker, said it has defaulted on a bond interest payment, in line with a warning it made earlier this week. The default is the first by a Chinese company in a market becoming increasingly nervous about credit quality and appears to signal an end to automatic state intervention to prop up ailing companies.

In London, the FTSE was down 0.29% at 6,769.14. In Frankfurt the DAX fell 0.86% to 9,461.11. Deutsche Telekom fell for the third day after tumbling 3.6% on Thursday as the odds of a swift payday through a disposal of all or part of its stake in T-Mobile US (TMUS) lengthened.

Just outside the benchmark index of the top 30 German 30 stocks, lifting equipment maker Krones rose as analysts at UBS moved to a buy recommendation from neutral and raised their price target.

In Paris, the CAC 40 was down 0.33% at 4,402.49. Industrial and technology shares including Cie Generale des Etablissements Michelin, Airbus and Alcatel-Lucent  (ALU) led the index lower.

In Milan, Telecom Italia bounced back from earlier losses to trade higher after announcing it would scrap the dividend for common shares for the first time in its history as a listed company. Even though 2013 revenue fell 9.1% to 23.4 billion euros ($32.5 billion) and the company posted a net loss of 674 million euros, the company met its debt reduction target and CEO Marco Patuano said he anticipates a domestic recovery and a resumption of dividend payments in 2014.

In Japan, the Nikkei 225 closed up 0.92% at 15,274.07. In Hong Kong, the Hang Seng closed down 0.19% at 22,660.49, with mainland Chinese indices all also closing lower.

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