By James Langton

(September 1 – 09:00 ET) – The August U.S. jobs report was released this morning It was generally weaker than expected, and since traders consider that good news, it’s setting stocks for a strong open.

Non-farm payrolls fell 105,000 in August. Average hourly earnings came in up 0.3%, on target with most forecasts and down from last month. The unemployment rate ticked up to 0 4.1%.

The U.S. National Association of Purchasing Managers report is due out later today.

Markets are rallying aggressively across Europe, this morning, led by computer stocks. Investors are expecting improved results through the fall. Today, French networking giant Alcatel is leading the pack. London’s FTSE is up 124 points to 6,797. Paris’s CAC 40 has gained 190 points to 6,815, and the German DAX is up 127 points to 7,343.

In M&A news, Standard Chartered plc is buying Chase Manhattan Corp.’s Hong Kong credit card and retail banking unit for US$1.32 billion in cash.

Stocks closed the week mixed in Asia, with currency woes bogging down the Nikkei. It closed off 121 points to 16740. The Hang Seng added 236 points to 17334.