(Alliance News) - Stocks in Europe are expected to open higher, with markets in Japan and mainland China closed for holidays, as investors look ahead the US non-farm payrolls print.
Here is what you need to know before the European market open on Friday:
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MARKETS
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CAC 40: called up 19.3 points, 0.2%, at 7,933.95
DAX 40: called up 50.0 points, 0.3%, at 17,946.5
FTSE 100: called up 15.5 points, 0.2%, at 8,187.65
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Hang Seng: up 1.1% at 18,413.79
Nikkei 225: financial markets in Tokyo closed for holiday
S&P/ASX 200: up 0.5% at 7,626.00
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Dow: closed up 322.37 points, 0.9%, at 38,225.66
S&P 500: closed up 0.9% at 5,064.20
Nasdaq Composite: closed up 1.5% at 15,840.96
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EUR: up at USD1.0733 (USD1.0690)
GBP: up at USD1.2551 (USD1.2487)
USD: down at JPY153.00 (JPY154.05)
GOLD: flat at USD2,301.65 per ounce (USD2,303.10)
OIL (Brent): up at USD83.85 a barrel (USD83.40)
(changes since previous London equities close)
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ECONOMIC CALENDAR
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Japan Constitution Memorial Day. Financial markets closed.
China Labor Day. Financial markets closed. Hong Kong open.
09:30 EDT Canada composite PMI
11:00 CEST eurozone unemployment
08:45 CEST France budget balance
08:45 CEST France industrial production
10:00 CEST Italy unemployment
09:00 CEST Spain unemployment
09:30 BST UK composite PMI
08:30 EDT US nonfarm payrolls
09:45 EDT US composite PMI
10:00 EDT US ISM services PMI
13:00 EDT US Baker Hughes oil rig count
19:45 EDT US Chicago Fed President Austan Goolsbee speaks
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TOP ECONOMIC NEWS
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The UK Conservatives look set for a by-election defeat and a bruising set of council results which will add to pressure on Rishi Sunak. Labour has won the Blackpool South parliamentary by-election and made gains in council contests. In the contest triggered by the resignation of former Tory MP Scott Benton following a lobbying scandal, Labour's Chris Webb secured 10,825 votes, a majority of 7,607. Tory David Jones came in second with 3,218 votes, just 117 ahead of Reform UK's Mark Butcher. Webb said: "People no longer trust the Conservatives. Prime Minister: do the decent thing, admit you've failed and call a general election." The 26% swing was the third biggest from the Conservatives to Labour at a by-election since the Second World War. There are 107 councils holding elections in England, with around a third expected to declare overnight following Thursday's polling day.
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Australia's business activity continued to expand in April, survey data suggested. The Judo Bank composite purchasing managers' index - which measures manufacturing and services - edged down to 53.0 points in April from 53.3 in March. Falling closer to the 50-point no-change mark, it shows growth slowed slightly over the month. The services PMI fell to 53.6 from 54.4. "The real estate & business services sector recorded the sharpest rise in activity. Central to the sustained improvement in services activity was higher new business inflows in April. Services new business increased for a third straight month and at the fastest pace since May 2022 as demand improved," S&P Global said.
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Ireland's private sector grew at a softer pace last month, according to survey data. The AIB Ireland composite PMI fell to 50.4 from 53.2, showing overall activity across service firms and factories grew only marginally. The services PMI fell to 53.3 from 56.6. "At the sectoral level, all four covered in the survey registered continued growth, which was led by rapid growth in the Financial Services sector once again. However, the Technology, Media & Telecoms and Transport, Tourism & Leisure sectors both saw growth ease to a more modest pace in April," said David McNamara, AIB chief economist.
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Xi Jinping heads to Europe on Sunday to defend China's "no limits" alliance with Russia, first to key Ukraine backer France, then to Serbia and Hungary, which have close ties to the Kremlin. The world's second-biggest economy is seeking to deepen political and economic ties in Europe to counterbalance difficult relations with rival Washington. But analysts say that if France and other Ukraine allies in Europe believe that Xi can be coaxed into abandoning his friendship with Russian President Vladimir Putin, they will be disappointed. In Paris on Monday, Xi and Macron will hold talks with European Commission President Ursula von der Leyen, who has urged Beijing to play a greater role in ending the Ukraine war. Xi is seeking to push back on recent EU probes into China's industry, but France has made clear that "first and foremost" on the agenda will be Russia's war in Ukraine.
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The leader of the Palestinian Islamist organization Hamas in the Gaza Strip, Yehya al-Sinwar, still has three demands in the current negotiation offer for a hostage deal, according to a media report. He continues to demand a guaranteed end to the war, a source close to the Hamas leader told the Israeli television station Channel 12 on Thursday evening. Israel has so far denied this. Sinwar reportedly wants a written commitment for an "unconditional end to the fighting". According to the broadcaster, al-Sinwar is also demanding that Israel does not prevent the return to the West Bank of Palestinian prisoners who are to be released in return for hostages kidnapped from Israel. According to the latest draft of a deal, Israel wants to send those serving life sentences to the Gaza Strip or abroad.
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COMPANY CALENDAR
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CNH Industrial NV - AGM
Credit Agricole SA - Q1 Results
Daimler Truck Holding AG - Q1 Results
Deutsche Post AG / DHL Group - AGM
HSBC Holdings PLC - AGM
Intercontinental Hotels Group PLC - AGM
Legrand SA - Q1 Results
Macquarie Group Ltd - Full Year Results
Mondi PLC - AGM
Societe Generale SA - Q1 Results
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TOP COMPANY NEWS
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Apple shares rose after the tech firm announced a new USD110 billion share buyback programme. The Cupertino, California-based reported second quarter net sales fell to USD90.75 billion from USD94.84 billion a year earlier. Net income fell to USD23.64 billion from USD24.16 billion. Over the first six months of its financial year, net sales fell to USD210.33 billion from USD211.99 billion a year earlier. Net income rose to USD57.55 billion from USD54.16 billion. On the back of the results, Apple declared a cash dividend of USD0.25 per share, up 4% annually. Chief Executive Tim Cook said: "During the quarter, we were thrilled to launch Apple Vision Pro and to show the world the potential that spatial computing unlocks. We're also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month. Shares in Apple rose 6.0% in after-hours trading in New York on Thursday.
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Amgen swung into the red in the first quarter despite a healthy increase in sales. The Thousand Oaks, California-based biopharmaceutical company said first revenue rose to USD7.45 billion from USD6.11 billion a year prior. Despite the sales increase, Amgen recorded a net loss of USD113 million swinging from a net profit of USD2.84 billion a year prior. Basic losses per share were USD0.21 compared to earnings of USD5.32 per share. Amgen said ten products delivered at least double-digit volume growth in the first quarter, including Repatha, Tezspire, Evenity, Blincyto and Tavneos. US volume grew 29% and ex-US volume grew 17%. Amgen said sales included a USD914 million contribution from its Horizon Therapeutics acquisition, driven by several first-in-class, early-in-lifecycle medicines, including Tepezza, Krystexxa, and Uplizna. Excluding sales from Horizon, product sales grew 6%, driven by volume growth of 9%.
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HSBC is facing pressure from shareholders over green finance ahead of its annual general meeting. ShareAction, which campaigns for responsible investment, said it plans to read out a statement at the meeting on Friday on behalf of a coalition of shareholders amid transparency concerns. The charity said it will ask the British bank to set out how exactly they intend to use the USD1 trillion they have pledged to spend on green finance by 2030. It added the lack of transparency means shareholders are unable to assess whether the bank is on the path to net zero or contributing its fair share of financing to address climate finance gaps. The investor group will also urge the board to set a funding target for renewable energy, ShareAction said.
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Booking Holdings shares after quarterly revenue and income jumped. The Norwalk, Connecticut-based American travel technology company said that in the first quarter of 2024, revenue rose to USD4.42 billion from USD3.78 billion a year earlier. Net income climbed to USD776 million from USD266 million. "We are pleased to report a strong start to 2024 with first quarter year-over-year growth in room nights of 9%, revenue of 17%, and operating income of 76%, all of which were ahead of our prior expectations," said Chief Executive Glenn Fogel. "As we continue our work to deliver a better planning, booking, and traveling experience for our travelers, we are seeing encouraging results at Booking.com with increasing direct mix, higher frequency, and more of our travelers moving into the upper Genius loyalty tiers."
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By Elizabeth Winter, Alliance News senior correspondent
Comments and questions to newsroom@alliancenews.com
Copyright 2024, Alliance News
GLOBAL BRIEFING: Apple shares climb as firm announces buyback
(Alliance News) - Stocks in Europe are expected to open higher, with markets in Japan and mainland China closed for holidays, as investors look ahead the US non-farm payrolls print.
Here is what you need to know before the European market open on Friday:
----------
MARKETS
----------
CAC 40: called up 19.3 points, 0.2%, at 7,933.95
DAX 40: called up 50.0 points, 0.3%, at 17,946.5
FTSE 100: called up 15.5 points, 0.2%, at 8,187.65
----------
Hang Seng: up 1.1% at 18,413.79
Nikkei 225: financial markets in Tokyo closed for holiday
S&P/ASX 200: up 0.5% at 7,626.00
----------
Dow: closed up 322.37 points, 0.9%, at 38,225.66
S&P 500: closed up 0.9% at 5,064.20
Nasdaq Composite: closed up 1.5% at 15,840.96
----------
EUR: up at USD1.0733 (USD1.0690)
GBP: up at USD1.2551 (USD1.2487)
USD: down at JPY153.00 (JPY154.05)
GOLD: flat at USD2,301.65 per ounce (USD2,303.10)
OIL (Brent): up at USD83.85 a barrel (USD83.40)
(changes since previous London equities close)
----------
ECONOMIC CALENDAR
----------
Japan Constitution Memorial Day. Financial markets closed.
China Labor Day. Financial markets closed. Hong Kong open.
09:30 EDT Canada composite PMI
11:00 CEST eurozone unemployment
08:45 CEST France budget balance
08:45 CEST France industrial production
10:00 CEST Italy unemployment
09:00 CEST Spain unemployment
09:30 BST UK composite PMI
08:30 EDT US nonfarm payrolls
09:45 EDT US composite PMI
10:00 EDT US ISM services PMI
13:00 EDT US Baker Hughes oil rig count
19:45 EDT US Chicago Fed President Austan Goolsbee speaks
----------
TOP ECONOMIC NEWS
----------
The UK Conservatives look set for a by-election defeat and a bruising set of council results which will add to pressure on Rishi Sunak. Labour has won the Blackpool South parliamentary by-election and made gains in council contests. In the contest triggered by the resignation of former Tory MP Scott Benton following a lobbying scandal, Labour's Chris Webb secured 10,825 votes, a majority of 7,607. Tory David Jones came in second with 3,218 votes, just 117 ahead of Reform UK's Mark Butcher. Webb said: "People no longer trust the Conservatives. Prime Minister: do the decent thing, admit you've failed and call a general election." The 26% swing was the third biggest from the Conservatives to Labour at a by-election since the Second World War. There are 107 councils holding elections in England, with around a third expected to declare overnight following Thursday's polling day.
----------
Australia's business activity continued to expand in April, survey data suggested. The Judo Bank composite purchasing managers' index - which measures manufacturing and services - edged down to 53.0 points in April from 53.3 in March. Falling closer to the 50-point no-change mark, it shows growth slowed slightly over the month. The services PMI fell to 53.6 from 54.4. "The real estate & business services sector recorded the sharpest rise in activity. Central to the sustained improvement in services activity was higher new business inflows in April. Services new business increased for a third straight month and at the fastest pace since May 2022 as demand improved," S&P Global said.
----------
Ireland's private sector grew at a softer pace last month, according to survey data. The AIB Ireland composite PMI fell to 50.4 from 53.2, showing overall activity across service firms and factories grew only marginally. The services PMI fell to 53.3 from 56.6. "At the sectoral level, all four covered in the survey registered continued growth, which was led by rapid growth in the Financial Services sector once again. However, the Technology, Media & Telecoms and Transport, Tourism & Leisure sectors both saw growth ease to a more modest pace in April," said David McNamara, AIB chief economist.
----------
Xi Jinping heads to Europe on Sunday to defend China's "no limits" alliance with Russia, first to key Ukraine backer France, then to Serbia and Hungary, which have close ties to the Kremlin. The world's second-biggest economy is seeking to deepen political and economic ties in Europe to counterbalance difficult relations with rival Washington. But analysts say that if France and other Ukraine allies in Europe believe that Xi can be coaxed into abandoning his friendship with Russian President Vladimir Putin, they will be disappointed. In Paris on Monday, Xi and Macron will hold talks with European Commission President Ursula von der Leyen, who has urged Beijing to play a greater role in ending the Ukraine war. Xi is seeking to push back on recent EU probes into China's industry, but France has made clear that "first and foremost" on the agenda will be Russia's war in Ukraine.
----------
The leader of the Palestinian Islamist organization Hamas in the Gaza Strip, Yehya al-Sinwar, still has three demands in the current negotiation offer for a hostage deal, according to a media report. He continues to demand a guaranteed end to the war, a source close to the Hamas leader told the Israeli television station Channel 12 on Thursday evening. Israel has so far denied this. Sinwar reportedly wants a written commitment for an "unconditional end to the fighting". According to the broadcaster, al-Sinwar is also demanding that Israel does not prevent the return to the West Bank of Palestinian prisoners who are to be released in return for hostages kidnapped from Israel. According to the latest draft of a deal, Israel wants to send those serving life sentences to the Gaza Strip or abroad.
----------
COMPANY CALENDAR
----------
CNH Industrial NV - AGM
Credit Agricole SA - Q1 Results
Daimler Truck Holding AG - Q1 Results
Deutsche Post AG / DHL Group - AGM
HSBC Holdings PLC - AGM
Intercontinental Hotels Group PLC - AGM
Legrand SA - Q1 Results
Macquarie Group Ltd - Full Year Results
Mondi PLC - AGM
Societe Generale SA - Q1 Results
----------
TOP COMPANY NEWS
----------
Apple shares rose after the tech firm announced a new USD110 billion share buyback programme. The Cupertino, California-based reported second quarter net sales fell to USD90.75 billion from USD94.84 billion a year earlier. Net income fell to USD23.64 billion from USD24.16 billion. Over the first six months of its financial year, net sales fell to USD210.33 billion from USD211.99 billion a year earlier. Net income rose to USD57.55 billion from USD54.16 billion. On the back of the results, Apple declared a cash dividend of USD0.25 per share, up 4% annually. Chief Executive Tim Cook said: "During the quarter, we were thrilled to launch Apple Vision Pro and to show the world the potential that spatial computing unlocks. We're also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month. Shares in Apple rose 6.0% in after-hours trading in New York on Thursday.
----------
Amgen swung into the red in the first quarter despite a healthy increase in sales. The Thousand Oaks, California-based biopharmaceutical company said first revenue rose to USD7.45 billion from USD6.11 billion a year prior. Despite the sales increase, Amgen recorded a net loss of USD113 million swinging from a net profit of USD2.84 billion a year prior. Basic losses per share were USD0.21 compared to earnings of USD5.32 per share. Amgen said ten products delivered at least double-digit volume growth in the first quarter, including Repatha, Tezspire, Evenity, Blincyto and Tavneos. US volume grew 29% and ex-US volume grew 17%. Amgen said sales included a USD914 million contribution from its Horizon Therapeutics acquisition, driven by several first-in-class, early-in-lifecycle medicines, including Tepezza, Krystexxa, and Uplizna. Excluding sales from Horizon, product sales grew 6%, driven by volume growth of 9%.
----------
HSBC is facing pressure from shareholders over green finance ahead of its annual general meeting. ShareAction, which campaigns for responsible investment, said it plans to read out a statement at the meeting on Friday on behalf of a coalition of shareholders amid transparency concerns. The charity said it will ask the British bank to set out how exactly they intend to use the USD1 trillion they have pledged to spend on green finance by 2030. It added the lack of transparency means shareholders are unable to assess whether the bank is on the path to net zero or contributing its fair share of financing to address climate finance gaps. The investor group will also urge the board to set a funding target for renewable energy, ShareAction said.
----------
Booking Holdings shares after quarterly revenue and income jumped. The Norwalk, Connecticut-based American travel technology company said that in the first quarter of 2024, revenue rose to USD4.42 billion from USD3.78 billion a year earlier. Net income climbed to USD776 million from USD266 million. "We are pleased to report a strong start to 2024 with first quarter year-over-year growth in room nights of 9%, revenue of 17%, and operating income of 76%, all of which were ahead of our prior expectations," said Chief Executive Glenn Fogel. "As we continue our work to deliver a better planning, booking, and traveling experience for our travelers, we are seeing encouraging results at Booking.com with increasing direct mix, higher frequency, and more of our travelers moving into the upper Genius loyalty tiers."
----------
By Elizabeth Winter, Alliance News senior correspondent
Comments and questions to newsroom@alliancenews.com
Copyright 2024, Alliance News