• ECB gains wither in Europe • Worst sales since financial crisis batter retail stocks • GVC comes out on top for Bwin.party takeover • US set to open lower before jobs report The benefit to stock markets of an ECB willing to do more stimulus looks to have lasted all of one day. UK and European markets are all substantially lower in early trade. The feeling is that a “promise” to do more from the ECB is not enough to offset a strong US jobs report could set the tone for “real action” from the Fed to hike rates. The German DAX is for now comfortably above the 10,000 mark but yesterday’s failure to surpass Thursday’s peak suggests more weakness could be in store. The ECB-effect has been even smaller on the FTSE 100 which has given back over half of Thursday’s gains. Every sector was in the red on the UK’s benchmark index as broad-based risk aversion kicked in. The retail sector took the brunt of the fall after broker downgrades followed data showing August was the worst month for retail sales since the 2008 financial crisis. Shares of Next, Burberry and Dixons Carphone were all top fallers. GVC shares dropped on news it has come out on top in the battle for the acquisition of rival Bwin.party with a £1.1bn deal. Bwin’s shares rose after the board switched its recommendation to the higher bid from GVC away from 888 Holdings The two offers were quite finely split but the move to merge and fend of competition from the traditional gambling companies who are beginning to consolidate is the right one. US stocks look set for a weak open, extending the reversal of gains that took place on Thursday. USA pre-opening levels S&P 500: 19 points lower at 1,932 Dow Jones: 161 points lower at 16,213 Nasdaq 100: 42 points lower at 4,192. CMC Markets is an execution only provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.