September 24, 2023

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Europe's markets are open to close;  US key jobs report, focus on earnings

Europe’s markets are open to close; US key jobs report, focus on earnings

LONDON – European markets fell a bit on Friday morning as investors tracked corporate earnings and awaited a major jobs report in the US.

pan europe Stokes 600 It was down 0.3% late in the morning, with media stocks shedding 1.3% to lead losses while the telecoms sector added 0.6%.

Markets suffered a cautious week as investors reacted to a slew of corporate earnings. European Chips Index closed the previous session partially above the flat line.

The Bank of England Thursday raised interest rates by 50 basis points While UK inflation is expected to peak above 13% in October and the economy will enter a prolonged recession in the fourth quarter.

Friday’s US jobs report, due out at 1:30pm London time, is likely to provide clues about Federal ReserveThe path of monetary tightening and the state of the US economy.

Economists expect 258,000 jobs added in July, down from 372,000 in June, according to Dow Jones. The unemployment rate is expected to remain steady at 3.6%.

Stock Picks and Investment Trends from CNBC Pro:

US stock futures It was flat in early trade as Wall Street looks to post modest gains for the week.

Stocks in Asia Pacific Most were higher overnight, with Taiwan stocks leading gains in the region as investors dumped Chinese military exercises that followed. US House Speaker Nancy Pelosi visits Taiwan.

Earnings continued to drive individual stock price action in Europe. Allianz, Deutsche Post, London Stock Exchange and WPP were among the companies that reported before the bell on Friday.

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British financial services company Hargreaves Lansdowne It was the top performer on the Stoxx 600, adding 5.7% after beating earnings expectations, while Share the post It added 4.4% after beating second-quarter earnings expectations.

WPP The index fell more than 7% to the bottom of the index after the British giant announced its first half results.

On the data front, French industrial production unexpectedly rose in June, posting a strong monthly increase of 1.4% despite expectations of a 0.2% contraction amid ongoing supply chain problems and the energy crisis.

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