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Tech-powered surge: European and Asian stocks rally, eyes on US jobs report
European stocks, driven by tech, surged alongside Asia’s rally, with investors eagerly anticipating the US jobs report. The market landscape remained dynamic, influenced by key earnings reports and the latest developments in global economic indicators.
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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This article aggregates publicly available market and broker updates from the source CMS. Verify time-sensitive data directly with official sources before making decisions.
Last update: May 03, 2024