According to Bloomberg, European stocks, buoyed by the tech sector, mirrored Asia’s rally, with all eyes on the upcoming US jobs report. The Stoxx 600 edged up 0.2%, led by tech gains. US futures hinted at Wall Street strength following Apple’s robust earnings. Hong Kong stocks extended their winning streak. After Powell’s reassurance on rate hikes, the focus turned to the weakest job gains forecast since November.
The dollar weakened for a third day, while Treasuries remained stable. The US 10-year yield ended the week down by 8 basis points at 4.58%.
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Societe Generale SA beat profit expectations, fueled by strong equities trading. Credit Agricole SA also exceeded estimates, targeting €6 billion ($6.4 billion) in 2024 profit a year early. Danske Bank maintained its full-year forecast after surpassing profit estimates.
The yen saw its best week since December 2022, possibly due to intervention, with Japan spending over $20 billion.
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