(New York) Most major European stock markets ended in the green on Friday, before entering the heart of the half-year earnings season next week, and the Dow Jones continued its run of gains.
Paris closed up 0.65%, London 0.23% and Milan gained 0.14%. Only Frankfurt dropped 0.17%, notably disappointed by the results of the SAP software specialist, heavyweight in the German index.
Over the week, Paris gained 0.79%, Frankfurt 0.45% and London jumped (3.08%), driven by the slowdown in inflation in the United Kingdom.
In the United States, the Dow Jones gained 0.01%, posting a tenth consecutive positive session for the first time in nearly six years.
The Dow Jones’ all-time daily earnings record of 14 in a row dates back to 1896, according to figures provided by Howard Silverblatt of S
The NASDAQ, on the other hand, had a difficult second session, marked by profit taking after having been in orbit since the beginning of the year.
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On next week’s menu, the markets will notably be awaiting the results of Vodafone, Alphabet, Microsoft, Meta Platforms, Lloyds Banking Group, Barclays, Shell and NatWest.
On the central bank side, on Wednesday the US Federal Reserve “is expected to raise its benchmark interest rate — possibly for the last time this year — by a quarter of a percentage point,” said Michael Hewson of CMC Markets.
“Thursday will be the European Central Bank’s turn to decide whether to raise rates, followed by the Bank of Japan on Friday,” the analyst continued.
On the bond market, sovereign yields eased slightly. The German 10-year rate was at 2.44%, down from 2.48% at the close the previous day. The US yield for the same maturity was 3.83% versus 3.85%.
Software giant SAP fell 4.30% in Frankfurt at the close after slashing its full-year forecast for cloud revenue. Its operating profit, however, jumped nearly 30% in the second quarter (in international IFRS standards), it announced Thursday evening.
The New York group ended down sharply (-3.89%) despite a quarterly net profit above expectations.
Investors lingered on the jump in provisions for bad debts, which almost tripled compared to the same period last year, a sign that the specialist in credit cards expects a deterioration in the economy.
The ongoing portfolio rotation has benefited several index members, such as Johnson
These big names had been treading water since the beginning of the year before starting to attract investors looking for bargains in recent weeks.
“We see a broadening of the values that carry” the market, notes Angelo Kourkafas, of Edward Jones.
US oil prices ended Friday at their highest closing level in three months, in a market increasingly convinced that Saudi Arabia and Russia will meet their volume reduction commitments.
The price of a barrel of Brent North Sea oil for September delivery rose 1.79% to close at $81.07.
The euro was almost stable against the greenback (-0.02%), at 1.1127 dollars.
Bitcoin was up 0.55% at $29,892.
