European stocks edge higher as earnings power global markets; Temenos down 14%
cnbc\LONDON — European stocks inched higher on Friday as corporate earnings drove global markets north to close out the week.
| TICKER | COMPANY | NAME | PRICE | CHANGE | %CHANGE | VOLUME |
|---|---|---|---|---|---|---|
| .FTSE | FTSE 100 | *FTSE | 7220.05 | 12.34 | 0.17 | 236424468 |
| .GDAXI | DAX | *DAX | 15497.52 | 34.8 | 0.23 | 22516355 |
| .FCHI | CAC 40 Index | CAC | 6709.21 | 24 | 0.36 | 25777450 |
The pan-European Stoxx 600 gained 0.3% by late morning, with banks adding 1.7% to lead gains while utilities dropped 1%
Shares in Asia-Pacific rose on Friday, led by Taiwan’s Taiex index, which surged more than 2% while Taiwan Semiconductor Manufacturing Company rose more than 4.5% following its earnings release a day earlier
This followed a rally on Wall Street which saw the S&P 500 jump nearly 2% for its best day since March, driven by stronger-than-expected earnings from heavyweights Bank of America, Morgan Stanley and Citigroup
Futures were higher in early premarket trade on Friday, with Goldman Sachs, J.B. Hunt and PNC Financial among the big names due to report quarterly results before the bell
The gains come despite concerns over hot inflation readings, with the U.S. consumer price index jumping 0.4% in September and 5.4% year-on-year, according to Labor Department figures
Back in Europe, Rio Tinto, Redrow and Schroders were among those reporting earnings before the bell on Friday
On the economic data front, French consumer price inflation came in at negative 0.2% month-on-month in September. On an annual basis, it was 2.7% higher
French cloud computing company OVH launched on the Euronext Paris on Friday
In terms of individual share price movement, Finnish retailer Kesko climbed 5% by late morning deals after Inderes raised the stock to “accumulate” from “reduce
At the bottom of the index, Swiss banking software firm Temenos tumbled more than 14% after missing third-quarter revenue expectations
In other corporate news, Bayer has terminated a vaccine production partnership with CureVac, a Bayer spokesperson told a German newspaper on Thursday
Oil prices are also in focus after rising on Thursday when top producer Saudi Arabia dismissed requests for additional OPEC+ supply, while the International Energy Agency said spikes in natural gas prices could bolster oil demand from power generators
Prices continued to rise on Friday, with international benchmark Brent crude last trading above $84.70 per barrel
