European shares steady as investors pause ahead of US data

(Reuters) -European shares had a steady start on Monday as investors paused after a selloff late last week and shifted their focus on what long-awaited jobs data from the  U.S. could reveal about the health of the world’s largest economy.

The pan-European STOXX 600 inched up 0.1% and was last at 575.78 points by 0806 GMT.

Worries that an imminent interest rate cut by the Federal Reserve is unlikely and an overvalued technology sector had sparked a selloff across global markets last week, with equities in Europe logging their biggest daily loss in over a month on Friday.

Risk appetite this week is likely to be further tested when investors are faced with the September U.S. jobs report and an earnings report from global AI bellwether Nvidia.

Media stocks led sectoral gainers, led by British advertising giant WPP’s 4% rise after a report said it had attracted takeover interest from French rival Havas and some private equity firms.

Saab secured a €3.1 billion contract with the Colombian government to supply 17 Gripen fighter jets over the next five years, boosting the Swedish defence company’s shares by 5.8%.

(Reporting by Johann M Cherian in Bengaluru and Anastasiia Kozlova in Gdansk; Editing by Nivedita Bhattacharjee )