European markets rose more
- The pan-European Stoxx 600 was up 0.14% in the afternoon, with sectors and major bourses a mix of gainers and losers.
- A rise in oil and gas led to a 2.4% increase, while household goods and food stocks fell 0.82%.
US stock futures rose slightly in the morning as investors braced for the latest statement from Fed Jerome Powell on Tuesday.
His comments at a press conference divided markets. In his appearance today, Powell offered more clarity on where rates are headed or clarified some of his comments after last week’s 25 basis point rate hike. This should have a positive effect on European markets too.
Shares in the Asia-Pacific region were in mixed trade overnight as investors eyed an interest rate hike by the Reserve Bank of Australia.
BNP Paribas reported 6.8% net income growth for 2022 and revised its profit targets.
The French bank said profit attributable to shareholders came in at 2.25 billion euros in the fourth quarter, surpassing its 2022 full-year profit forecast of 10.23 billion euros.
Experts expected 2.37 billion euros in the quarter and 10.8 billion euros for the year.
Ambu led the Stoxx 600 index with a 17.5% gain after the Danish medical device company reported strong first-quarter earnings results.
According to Ambu’s interim report, revenue grew 4.4% organically, and quarter-on-quarter growth was 10%.
Austrian electronics company Ams Osram Shares fell 13% after the release of disappointing fourth-quarter results and a “weak” first-quarter outlook. The company also suspended its 2022 cash dividend.
US Futures waver
US stock futures were mixed. Stock prices went up after investors waited for the Fed’s comments and earnings reports.
S&P 500 futures were little changed, while Nasdaq 100 contracts were higher. Activision Blizzard Inc. It rose as the video game publisher’s results beat estimates. Baidu Inc. increased after it confirmed it would launch a ChatGPT-like bot in March.
Energy stocks in Europe rose after oil major BP Plc boosted shareholder returns and reported rising profits. Asian stocks also won.
Investors wonder whether Powell will dampen market optimism about a rate cut beyond 2023 after a strong January payrolls report from other Fed officials about the possibility of a higher peak than policymakers had previously suggested. Treasuries held steady after a two-day delay caused by traders adding to bets on future Fed tightening.
Oil rose after Saudi Arabia unexpectedly raised crude prices in Asia, pointing to confidence in the outlook for demand.
