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European stocks lower after ECB meeting

Published by

November 28, 2024
(GMT+2)

After Thursday’s European Central Bank meeting, European stock markets edged lower Friday.This was hefted by disappointing results from U.S. tech giants Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN), as well as the rise in Eurozone government bond yields after Thursday’s European Central Bank meeting.DAXAt 4:10 AM ET (0810 GMT), the DAX in Germany traded 0.6% lower, the CAC 40 in France fell 0.3% and the U.K.’s FTSE 100 dropped 0.2%.Boosted by a swathe of positive earnings, European stocks are set for strong gains in October, but the week is set to end on a negative note.BNP PARIBASBNP Paribas (OTC:BNPQY) stock rose 0.3% after the French bank, the largest in Europe. Summary:launches share buyback program for a max total of 900 million euros ($1 billion) strong rise in third-quarter profit on lower provisions for pandemic-related loan losses sharp rise in equity tradingDAIMLERDaimler (OTC:DDAIF) stock rose 2.5% after the German carmaker reported a higher quarterly net profit despite the global semiconductor chip shortage, as it focused on higher-margin cars and cost-cutting. AIR FRANCEAir France KLM (OTC:AFLYY) stock rose 3% on returning to profit in the third quarter, after a loss in the same period in 2020. Summary:Passenger numbers almost doubled due to the ease of coronavirus travel curbs.French GDP grew 3.0% in the third quarterGerman GDP grew by 1.8% during the same period, less than the expected 2.2%.However, the main focus will be on the October inflation data for the region. Especially after ECB President Lagarde’s comments at her press conference struck some as signaling an important change in outlook on interest rates.GOLDGold futures fell 0.4% to $1,795.75/oz, while EUR/USD traded 0.1% lower at 1.1665.BRENT CRUDEAs the heat comes out of a near two-month rally prompted by record-high gas prices in Europe and China, crude prices stabilized Friday but were on course for their first weekly drop in months. By 4:10 AM ET, U.S. crude futures traded 0.2% higher at $82.95 a barrel, while the Brent contract rose 0.3% to $83.89. Both benchmarks were on track to fall about 1% for the week – the first weekly drop in 10 weeks for WTI and the first in eight weeks for Brent.Attention turns to next Thursday’s meeting of the Organization of the Petroleum Exporting Countries and its allies including Russia, a group called OPEC+. These top producers are expected to stick to their plan to add 400,000 barrels a day of supply each month until April 2022.For more information on Stock Trading visit MEXEM.

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