Europe open: Stocks shake off White House woes, focus on US jobs

European stocks are slightly higher towards the start of the day, overcoming early losses due to strength in the single currency as a result of the continued news-flow regarding the official inquiry into the US administration's relations with Russia.

As of 1000 BST, the benchmark Stoxx 600 was edging higher by 0.03% or 0.11 points to 379.04, with the Cac-40 up by 0.07% or 7.57 and changing hands at 12,162.51 while the Dax was 0.07% or 8.05 points higher at 12,.162.64.

In parallel, the euro was standing 0.09% taller at 1.1881.

Overnight, the Wall Street Journal reported that US special counsel Robert Mueller impaneled a grand jury to investigate Russia's possible interference in the 2016 elections, in a possible sign that the probe was gathering intensity.

Commenting on the those headlines, Michael Hewson, chief market analyst at CMC Markets said: "The US dollar has also remained under pressure, on reports that a grand jury is being convened by US special counsel Robert Mueller to look into the allegations of Russian interference in the US election. The mere fact that this is being talked about in such terms would suggest that the evidence is there and is waiting to be found."

The mixed close on Wall Street overnight was attributed to that news, with the Dow again edging higher on the back of the weakness in the US dollar that resulted.

On the economic front, factory orders in Germany sped ahead by 1.0% month-on-month in June, according to the Federal Office of Statistics, more than doubling economists' forecasts for a rise of 0.4%.

Meanwhile, Spanish industrial production dipped by 0.1% on the month in June (consensus: 0.1%), according to INE.

Italian retail sales were up by 0.8% in June versus May, according to ISTAT.

Looming large on the economic calendar for Friday, US non-farm payrolls figures for June due out at 1330 BST were expected to show 183,000 new hirings.

Swiss Re was a stand-out faller after it reported falling profits as price pressures weighed on its margins.

RBS was heading the other way after the 71% state-owned lender smashed past analysts' forecasts for adjusted second quarter profits.