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EUROPE BEFORE THE BELL: CAUTIOUS TONE BEFORE PAYROLLS

European stock index futures are trading a touch softer on Friday before U.S. nonfarm payrolls data later in the session, while investors are watching whether a public feud between President Trump and Elon Musk will have a wider consequence for markets beyond Musk's companies.

The spat between the president and the world's richest man prompted a 14% drop in Tesla shares on Thursday, shedding $150 billion in market value, as Trump threatened to withdraw subsidies and contracts from Musk's companies, which includes the electric vehicle maker.

Tesla shares listed in Frankfurt are up about 5% in early European trade after Politico reported White House aides have scheduled a call with Musk to broker peace.

Back in Europe, Euro STOXX 50 futures STXEc1 are down 0.2%. Futures on DAX FDXc1, CAC FCEc1 and FTSE FFIc1 are down between 0.1% and 0.2%.

Attention was now turning to the U.S. labour market data, where job growth is expected to have slowed significantly last month.

Analysts and economists polled by Reuters expect payrolls to have increased by 130,000 in May, after increasing by 177,000 in April.

After a string of weak data this week, the Fed will be watching closely for signs of a slowdown that could prompt them to restart rate cuts.

The ECB on the other hand looks like it's on pause for now after President Christine Lagarde told reporters that they are in a "good place" after cutting rates by two percentage points in just over a year.

(Samuel Indyk)

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