📆 Friday, November 1
► European stocks edged higher after sharp losses, with the Stoxx Europe 600 gaining 0.6%, supported by strong gains in the energy sector. Oil majors Shell, Total Energies, and BP rose by more than 1% as oil prices climbed further due to returned tensions in the Middle East. In other news, Reckitt Benckiser Group soared 10% after a favorable court ruling involving its infant formula business. However, the Stoxx 600 remains on track for its largest weekly decline in two months, reflecting the broader market’s volatility ahead of key economic events next week. Market sentiment in Europe also remains cautious due to the upcoming US election, which is contributing to the high valuations, concerns about economic uncertainty until the end of the year and even signs of a return of inflation – now also in Europe.
► US futures showed slight gains as investors await the release of key nonfarm payroll data, with forecasts suggesting slower job growth. Positive earnings from Amazon and Intel boosted premarket sentiment, though Apple shares declined on weak demand from China. The release of the US nonfarm payroll report today is expected to show 100,000 new jobs in October, keeping investors’ focus on the labor market’s strength. The lower-than-expected figure for weekly initial jobless claims on Thursday underpinned the thesis that the US labor market remains robust and that the Fed will only cut interest rates gradually. US energy giants Exxon Mobil and Chevron are benefiting from higher oil prices – Exxon reported a rather mixed earnings report while Chevron beat expectations (both today).
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