European stocks log best week in two months



(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

* U.S. jobs growth slows

* Tech stocks drop 1.4%, outweigh gains in oil and auto stocks

* BA-owner up as UK set to ease quarantine rules

* Daimler up as UBS upgrades stock to "buy" (Updates to close)

By Sruthi Shankar and Susan Mathew

Oct 8 (Reuters) - European stocks ended a volatile session lower on Friday as investors digested data showing slowing jobs growth in the United States, but they still marked their best week in two months as fears of soaring inflation were tempered.

A U.S. Labor Department report showed nonfarm payrolls increased by 194,000 jobs last month, compared with an expectation of 500,000. Although the headline number was a huge miss, analysts said excluding the seasonally adjusted factors, the number was not too disappointing.

The pan-European STOXX 600 index .STOXX , which had fallen as much as 0.5%, only briefly reversed the earlier losses after the data.

"Payrolls data came in weaker than expected, but the overall trend of an improving labor market remains intact," said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute.

While strong numbers could cement the case for the U.S. Federal Reserve's withdrawal of its support for the economy, many analysts expect that even a second straight weak employment report may not be enough to hold back the central bank from announcing a slowdown of its bond purchases later this year.

"It doesn't look like today's figure comes anywhere close to the kind of scary figure that might provoke (the Fed) into swerving course at the last minute," said Chris Beauchamp, chief market analyst at online trader IG.

Oil .SXEP and auto stocks .SXAP led gains in Europe, but this was outweighed by tech stocks .SX8P falling 1.4% as rising bond yields dimmed the high-growth sector's appeal.

The STOXX 600 rose 1% on the week as relief over a temporary lifting of the U.S. debt ceiling and as easing fears of an energy crunch calmed rallying oil and gas prices which had triggered inflation worries.

UK travel stocks, including British-Airways owner IAG ICAG.L , Whitbread WTB.L and Ryanair RYA.I , gained between 0.4% and 1.6% with Britain set to scrap tough COVID-19 quarantine requirements for 47 destinations.

Czech trucking services firm Eurowag WPS.L fell 10% in its London market debut after floating a day late and at a cut price.

Auto stocks .SXAP rose 1.3%, rebounding from a selloff in September on concerns about supply chain bottlenecks and chip shortages hitting production.

German carmaker Daimler DAIGn.DE rose 2.6% as UBS upgraded its stock to "buy" from "neutral" and hiked its price target to 100 euros from 79 euros.

Cnova NV CNV.PA , the e-commerce arm of French retailer Casino CASP.PA , fell 3.8% after saying it could no longer confirm its June financial forecast.

London-listed shares of TUI AG TUIT.L sank 15.5% on the first day of a discounted rights issue.


Reporting by Sruthi Shankar and Anisha Sircar in Bengaluru; Editing by Kirsten Donovan

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