Europe midday: Stocks waver following five days of gains

European stocks wavered on Thursday, with investors pausing for breath after five consecutive days of gains and ahead of a key US jobs report.

At midday, the benchmark Stoxx Europe 600 index and France’s CAC 40 were down 0.3%, while Germany’s DAX was off 0.2%.

At the same time, oil prices were mixed, with West Texas Intermediate up 0.2% to $34,72 a barrel and Brent crude down 0.1% at $36.91.

“As the recent bounce may be running out of steam investors will be monitoring the release of this morning's Services PMI data looking for signs of economic recovery across Europe while the US jobs data tomorrow may well be a key driver as we head towards the weekend,” said Andy McLevey, head of dealing at Interactive Investor.

In corporate news, BHP Billiton was in the black after its part-owned Brazilian mining venture Samarco agreed a B$30bn ($8bn or £5.5bn) programme of compensation and clean-up from the bursting of a mine tailings dam last November.

Steelmaker ArcelorMittal was higher after its chief executive officer told Les Echos the company was not planning to cut its French production.

Insurer Admiral rallied after posting a forecast-beating 6% rise in 2015 pre-tax profit and lifting its dividend target.

Sportswear maker Adidas was weaker after reporting a slightly bigger than expected net loss for the quarter.

Evonik Industries shares tanked after the chemical maker issue a weaker-than-expected profit outlook.

Satellite communications provider Inmarsat slid after posting a drop in full year profit amid weak global government spending.

On the macroeconomic front, data from Eurostat showed retail sales in the Eurozone grew more strongly than expected in January.

Sales were up 0.4% on the month compared with a 0.3% gain in December and expectations of 0.1% growth.

On the year, sales rose 2%, which was higher than 1.4% the previous month and consensus expectations of 1.3% growth.

Pantheon Macroeconomics said it was “an upbeat report pointing to a good start to the year for Eurozone consumers”.

Elsewhere, Markit’s final Eurozone composite purchasing managers’ index for February fell to 53.0, which was above the flash estimate of 52.7 and January's 53.6 but marked the lowest reading since January last year.

Still, it was comfortably above the 50 mark that separates contraction from expansion.

The services PMI, meanwhile, came in at 53.3, up from the flash estimate of 53 but below January’s 53.6 and marking a 13-month low.

In Germany, the composite PMI fell to 54.1 in February from 54.5 in January, marking a five-month low.

In France, the composite PMI slipped to 49.3 from 50.2 in January, which was a 13-month low.

Still to come, investors will eye a raft of data from the US. Initial jobless claims are at 1330 GMT, while the Markit services PMI is at 1445 GMT. ISM non-manufacturing, factory orders and durable goods orders are all due at 1500 GMT.