US, European stocks finish higher after mixed data and earnings

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2023-04-22T11:49:23+05:00 AFP

European and US stocks edged higher on Friday following mixed data and corporate results, as markets await peak earnings season and central bank actions.

Frankfurt and Paris stocks ended the day half a percentage point higher after purchasing managers' index (PMI) survey data showed eurozone business activity growth accelerated in April on the buoyant services sector -- but manufacturing shrank.

London, meanwhile, edged up as investors eyed rebounding UK business activity despite sliding retail sales.

Wall Street stocks traded within a narrow range for most of the day before finishing slightly higher.

The S&P 500 climbed a scant 0.1 percent, extending a choppy period on Wall Street.

Investors mostly focused on corporate earnings, which were mixed. Consumer goods giant Procter & Gamble surged on solid quarterly results, but several prominent companies have tumbled this week following earnings reports, including Tesla and American Express.

Analysts said this week's results were a warm-up for next week's heavy schedule, which includes most of the major US tech giants.

"Markets are in wait-and-see mode ahead of the tech earnings next week," said Angelo Kourkafas of financial services firm Edward Jones. He also pointed to an upcoming Federal Reserve policy decision.

"These are going to be the next two catalysts," he said.

US tech giants Amazon, Microsoft, Google parent Alphabet and Facebook owner Meta are publishing results next week, along with a slew of other corporate titans. They include Swiss banks UBS and Credit Suisse, food group Nestle and oil majors TotalEnergies and Chevron.

"Stocks are still looking for a catalyst to drive them higher from here, but above all this hangs the worry about the Fed going further on tightening than the market currently expects," said Chris Beauchamp, chief market analyst at online trading platform IG.

Asian stock indices closed lower on fears of a prolonged downturn after data Thursday indicated the US economy was slowing.

- Key figures around 2030 GMT -

New York - Dow: UP 0.1 percent at 33,808.96 (close)

New York - S&P 500: UP 0.1 percent at 4,133.52 (close)

New York - Nasdaq: UP 0.1 percent at 12,072.46 (close)

London - FTSE 100: UP 0.2 percent at 7,914.13 (close)

Frankfurt - DAX: UP 0.5 percent at 15,881.66 (close)

Paris - CAC 40: UP 0.5 percent at 7,577.00 (close)

EURO STOXX 50: UP 0.5 percent at 4,408.59 (close)

Tokyo - Nikkei 225: DOWN 0.3 percent at 28,564.37 (close)

Hong Kong - Hang Seng Index: DOWN 1.6 percent at 20,075.73 (close)

Shanghai - Composite: DOWN 2.0 percent at 3,301.26 (close)

Euro/dollar: UP at $1.0993 from $1.0970 on Thursday

Pound/dollar: UP at $1.2446 from $1.2443

Dollar/yen: DOWN at 134.09 yen from 134.24 yen

Euro/pound: UP at 88.30 pence from 88.16 pence

West Texas Intermediate: UP 0.6 percent at $77.87 per barrel

Brent North Sea crude: UP 0.7 percent at $81.66 per barrel

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