European stock markets open higher | Beursduivel.be

(ABM FN-Dow Jones) The European stock markets are heading for a higher opening on Wednesday. It promises to be another busy figures day, after Tesla rose more than 13 percent after figures on Tuesday evening.

IG Markets forecasts an opening gain of 66 points for the German DAX, a plus of 22 points for the French CAC 40 and a rise of 52 points for the British FTSE 100.

European stock markets closed higher on Tuesday, because an escalation of the conflict in the Middle East does not seem to be on the cards for the time being. “Investors are buying the dips,” ING experts said.

In the morning, the purchasing managers’ indices showed that the eurozone economy grew faster than expected in April. These purchasing figures actually showed more headwinds for the US. “A good start to the year,” Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, said of Europe. Economist Chris Williamson of S&P Global saw the US economy “losing momentum”.

Company news

SAP plunged into the red due to a one-off charge of 2.2 billion euros, but the software company’s turnover increased. as expected. The stock closed 5 percent higher in Frankfurt.

Tire manufacturer Pirelli maintained its outlook for the financial year, but Stifel analysts expect volume growth to be at the lower end of the stated range. The stock ended slightly higher in Milan.

Renault recorded higher than expected turnover in the first quarter and confirmed the outlook for the financial year. Renault closed 0.5 percent lower.

Novartis rose 1.8 percent in Zurich after strong quarterly results and an increase in profit expectations.

Anglo American lowered its production forecast while expecting higher diamond mining costs. The share closed 0.4 percent lower in London.

AkzoNobel fell by 6.9 percent in Amsterdam, despite better-than-expected quarterly figures, with the outlook remaining intact. JPMorgan called the figures solid.

Randstad also fell on the Damrak. The underlying result was disappointing and the broadcaster reported continued pressure in April. Degroof Petercam lowered the price target from 45.00 to 43.00 euros. The stock fell 7.2 percent.

Euro STOXX 50 5,008.17 (+1.44%)
STOXX Europe 600 507.79 (+1.09%)
DAX 18,137.65 (+1.55%)
CAC 40 8,105.78 (+0.26%)
FTSE 100 8,044.81 (+0.26%)
SMI 11,469.15 (+1.25%)
AEX 874.79 (+0.96%)
BEL 20 3,895.40 (+0.68%)
FTSE MIB 34,363.75 (+1.89%)
IBEX 35 11,075.40 (+1.70%)

US STOCKS

Wall Street opens higher on Wednesday, according to US futures.

The American stock markets also closed higher on Tuesday, after a stream of corporate results that were received mainly positively and decreasing fears of further escalation in the Middle East.

Wall Street closed with nice gains on Monday, with tech stocks such as Nvidia, which went on sale before the weekend, recovering. “We now have to wait for the operating results of big names such as Tesla, Meta Platforms, Alphabet and Microsoft,” thought investment specialist Justin Blekemolen of Lynx.

According to the Lynx expert, Tesla’s prospects are important, especially now that the electric vehicle manufacturer’s share has already fallen more than 40 percent this year. The company’s results appear weak, but the share did rise after hours.

This morning, the purchasing managers’ indices showed that the eurozone economy grew faster than expected in April. These purchasing figures actually showed more headwinds for the US. Economist Chris Williamson of S&P Global saw the US economy “losing momentum”.

American home sales still picked up in March, it became apparent on Tuesday. 8 percent more new homes were sold.

Company news

General Motors gained 4.3 percent after a better-than-expected quarterly profit. The automaker raised its profit forecast for 2024.

The manufacturer of Huggies diapers and Kleenex tissues Kimberly-Clark also raised its outlook for the whole of 2024, rising 5.5 percent.

Parcel delivery company UPS recorded lower profits and turnover, but it was not too bad, the market thought, and the outlook remained intact. The share rose 2.4 percent.

Defense specialist Lockheed Martin posted a stronger than expected profit and reiterated its outlook. The stock opened higher but closed 0.4 percent lower.

PepsiCo also posted better-than-expected results but was cautious in its outlook. The American beverage and snack producer lost 2.7 percent.

Philip Morris won 3.9 percent. Although the tobacco manufacturer managed to beat profit expectations, the outlook was disappointing.

After the fair it was the turn of Visa, Texas Instruments and eye-catcher Tesla. The carmaker was more than 6 percent higher after trading, after a 1.8 percent increase in regular trading, despite sales and profit figures that lagged behind muted analyst expectations. It became clear earlier that Tesla had a difficult quarter.

Texas Instruments also rose 6 percent after hours in response to the results. The quarterly report of credit card company Visa was received after hours with a plus of 3 percent in electronic commerce.

S&P 500 index 5,070.55 (+1.20%)
Dow Jones index 38,503.69 (+0.69%)
Nasdaq Composite 15,696.64 (+1.59%)

ASIA

The Asian stock markets were significantly in the green on Wednesday.

Nikkei 225 38,383.25 (+2.2%)
Shanghai Composite 3,031.96 (+0.3%)
Hang Seng 17,110.21 (+1.6%)

CURRENCIES

The euro/dollar traded at 1.0704. When the American stock markets closed on Tuesday, the currency pair was still trading at 1.0701.

USD/JPY Yen 154.83
EUR/USD Euro 1.0704
EUR/JPY Yen 165.73

MACRO AGENDA:
10:00 Ifo business confidence – April (Germany)
1:00 PM Mortgage Applications – Weekly (US)
14:30 Durable goods orders – March (US)
4:30 PM Oil Stocks – Weekly (US)

COMPANY NEWS:
07:00 Roche – First quarter figures (Zwi)
1:00 PM AT&T – First quarter figures (US)
13:00 Boeing – First quarter figures (US)
1:00 PM Hasbro – First Quarter Figures (US)
22:00 IBM – First quarter figures (US)
22:00 Meta – First quarter figures (US)

Source: ABM Financial News

ABM Financial News is a supplier of stock market news, video and data, both for real-time trading platforms and dealing rooms and for online and offline media publications. The information in this article is not intended as professional investment advice or as a recommendation to make certain investments.