(Bloomberg) — European stocks rose on a number of strong earnings results, while U.S. stock futures pointed to gains on Wall Street after Tesla Inc. reported surprising results.
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The Stoxx 600 rose 0.5%, supported by strong results from Barclays, Unilever and Hermès. Nasdaq 100 futures rose 0.7% and the stock jumped 9% in late-night trading after Tesla posted its first quarterly profit in a year. On the first day of the week, U.S. Treasuries rose and the dollar weakened slightly.
With earnings season in full swing, about 10% of the total Stoxx 600 index is scheduled to report on Thursday, including more than 20 blue-chip companies. Investors continue to focus on the Fed's pace of easing, and swap traders are now less than 100% certain that it will cut rates in its two remaining policy meetings this year.
Corporate highlights
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Barclays recorded a surprise increase in fixed income trading, with its equity traders earning £692m in the same period, beating the average estimate of £688m by analysts compiled by Bloomberg.
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Unilever, the soap-to-inventory conglomerate Cube, said Thursday that third-quarter sales rose 4.5%, beating analysts' expectations of 4.3%.
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Hermès sales rose as the Birkin bag maker responded to strong demand for expensive handbags, countering a slowdown in the broader luxury goods market.
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Renault SA has confirmed its full-year outlook as it expects the French carmaker to benefit from new models such as the R5 electric car and the latest Dacia sport utility vehicle.
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Boeing Co. factory workers have rejected a new labor contract that would increase wages by 35% over four years, dealing a blow to the beleaguered aircraft maker as it overcomes a devastating work stoppage.
Julia Wang, executive director and global market strategist at JPMorgan Private Bank, said on Bloomberg TV that the exit of U.S. and Asia-based technology and artificial intelligence companies has opened up an attractive entry point. said.
“Volatility in U.S. Treasury yields and persistent dollar movements are clouding investors' risk appetite, but we're looking at the medium term and there's no reason this can't be a great buying opportunity,” Wang said. said.
Asian stock markets remained flat, losing momentum after rising nearly 5% in September, with traders still concerned about whether China's latest stimulus measures will be enough to revive growth. It remained flat.
