Pedestrians pass a Lloyds Bank branch in London. Lloyds Banking Group shares surged 1.77% to 76.55 pence yesterday.

AFP/London

European stocks shrugged off disappointing US data, rallying to close higher yesterday as slower job creation was seen pushing back the timing of a US interest rate hike.
Major European stock indices turned sharply lower after data showed the US economy added far fewer jobs than expected in September and hiring was weaker in the prior two months.
The US economy added just 142,000 jobs last month, far short of estimates of around 205,000 jobs. The Labour Department also trimmed its estimates for jobs growth in July and August.
Analysts lowered the odds the US Federal Reserve will imminently raise interest rates.
However London’s benchmark FTSE 100 index of top companies bounced back to end the day with a gain of 0.95% to 6,129.98 points.
In the eurozone, Paris’ CAC 40 index rose 0.73 to 4,458.88 points and Frankfurt’s DAX 30 won 0.46% to 9,323.28.
In foreign exchange deals, the European single currency rose to $1.1274, up from $1.1187 late in New York on Thursday, shooting up as the prospect of an early rate hike had been propping up the US dollar.
Wall Street stocks had failed to recover by midday, however.
The Dow Jones Industrial Average fell 0.49% to 16,192.17 points, while the broad-based S&P 500 dropped 0.61% to 1,912.13 and the tech-rich Nasdaq Composite Index shed 0.47% to 4,605.44.
The US Federal Reserve’s monetary policy committee next meets on October 28.
In London, banking sector stocks shot up after the Financial Conduct Authority regulator unveiled plans to impose a two-year deadline on claims for mis-sold credit insurance.
British banks have so far paid out about £25bn ($38bn, €34bn) to customers who were mis-sold payment protection insurance (PPI).
Lloyds Banking Group shares surged 1.77% to 76.55 pence and Royal Bank of Scotland added 0.50% to 320.80 pence.
Barclays climbed 0.57% to 248.55 pence and HSBC rose 0.93% to 507.70 pence.
PPI provided insurance for consumers should they fail to meet repayments on a credit product such as consumer loans, mortgages or payment cards
However, the insurance was mis-sold to millions of people who either had no idea what they were buying or had little chance of making a successful claim.
Meanwhile, credit-checking company Experian slumped 3.81% to 1,034 pence, after admitting that 15mn US customers had their personal data hacked.
The affected customers are clients of T-Mobile USA — the American unit of the German mobile phone giant.
The hacked data included names, dates of birth, addresses, social security numbers and other forms of identification like drivers’ licence numbers, as well as additional information. No payment card or banking information was acquired.