European stocks are trading positive on Friday, a turnaround from the previous day’s trading, after improved Asian performance as investors await payroll data from the U.S. The sentiments also reflect increased hopes that China would ease its Zero Covid policy.
The U.S. Labor Department is set to release its monthly jobs report at 8:30 a.m. ET on Friday. According to Bloomberg data, job growth is expected to have slowed in October, compared to September. Unemployment rate is expected at 3.6 percent, higher than the previous month.
France’s industrial production declined less than expected in September, after rebounding strongly in the previous month, data published by the statistical office Insee showed.
In Germany, the decline in factory orders deepened in September due to a sharp fall in foreign demand as per data from Destatis. Factory orders declined by more-than-expected 4 percent on a monthly basis.
U.K.’s FTSE 100 is 0.9 percent above the previous closing level, and is currently trading at 7,253.22. France’s CAC 40 index’s current level of 6,343.96 is 1.6 percent above last day’s close.
Germany’s DAX is currently trading at 13,299.72, gaining 1.3 percent from the previous close. The pan-European Stoxx 600 is up 1.1 percent from Thursday’s close and is currently trading at 414.07.
Thursday, European benchmarks closed lower, reflecting reaction to the Fed’s hawkish guidance, led by Germany’s DAX which plunged 0.95 percent. The pan-European Stoxx 600 shed 0.93 percent, and France’s CAC 40 erased 0.54 percent. U.K.’s FTSE 100 however gained 0.62 percent.
The Wall Street had also closed with losses on Thursday, extending losses to a fourth straight session, as slowing growth and rising interest rates dampened investors sentiment.
Among corporates, Societe Generale is trading around 6 percent higher. The French Financial services major reported weak profit in its third quarter, but revenues were higher despite increasingly complex geopolitical and economic environment.
Vonovia SE is trading up 4.4 percent. The German real estate company’s nine -month funds from operations or FFO, grew 35 percent, and it confirmed forecast for the full year 2022 amid persistently high demand for residential space. For 2023, Group FFO is seen slightly below last year, but EBITDA slightly higher.
German property company Deutsche Wohnen’s stock is up 2 percent, despite reporting a decline in nine-month FFO.
In Spain, shares of telecom major Telefonica are up 3 percent after reporting higher third-quarter revenues and underlying OIBDA.
Spanish IT provider for travel and tourism industry Amadeus IT Group SA’s stock is up 0.5 percent after reporting significantly higher profit and revenues in the third quarter.
Source: Read Full Article