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UK Market Modestly Lower

The UK market was modestly lower on Friday, ahead of the key monthly jobs data from the U.S. Sentiment in the region was also influenced by European Central Bank's announcement Thursday that it would begin its massive asset-purchase program on Monday.

The U.S. jobs report is expected to provide clues on when the Federal Reserve will start raising interest rates. Economists expect the report to show an increase of about 230,000 jobs in February, down from 257,000 jobs in January. The headline unemployment rate is expected to drop to 5.6 percent, matching a more than six-year low.

European Central Bank President Mario Draghi Thursday said the ECB would purchase 60 billion euros of public and private sector assets each month until September 2016, or beyond if necessary to put the eurozone back on track for sustained growth. The bond-buying stimulus program would begin on March 9.

Further, Germany's industrial production grew 0.6 percent in January from December, data from Destatis showed. Economists had forecast an increase of 0.5 percent following December's 1 percent growth.

The Eurozone economy expanded as initially estimated in the fourth quarter, second estimates from Eurostat showed. Gross domestic product grew 0.3 percent sequentially, slightly faster than the third quarter's 0.2 percent expansion. The statistical office confirmed the estimate released on February 13.

The Euro Stoxx 50 index of eurozone bluechip stocks was losing 0.03 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, was advancing 0.11 percent.

The FTSE 100 was down 0.18 percent.

Energy-engineering group Weir Group climbed 5.6 percent, following a report that the company may be a takeover target.

Thomas Cook surged 19.4 percent. China's Fosun International Limited, an investment group, agreed to acquire a 5 percent stake in the tour operator.

Meanwhile, Fresnillo declined around 3 percent and Randgold Resources dropped 2.1 percent.

AstraZeneca was notably lower. The drugmaker said it is evolving its financial reporting in line with the evolving business model.

Other major markets in the region were trading mixed.

The Asian stocks rose broadly after the European Central Bank upped its economic growth forecasts for the euro zone and laid out its plans for bond purchases to combat deflation.

In the U.S., futures point to a cautious open on Wall Street. In the previous session, stocks rose modestly. The Dow rose 0.2 percent, the tech-heavy Nasdaq gained 0.3 percent and the S&P 500 added 0.1 percent.

Crude for April delivery rose $0.08 to $50.84 per barrel, while April gold fell $3.4 to $1192.8 a troy ounce.

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Market Analysis

A busy week for economics saw the release of first quarter growth figures for the U.S. economy and the interest rate decision in Japan. Read our stories to find out why the GDP data damped market sentiment in the U.S. and what were the signals given out by the Bank of Japan. Other news this week included new home sales data and jobless claims figures from the U.S., and the latest purchasing managers' survey results for the Eurozone.

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