Corporate profits support, European stocks open higher collectively, oil prices end five consecutive declines, and the dollar remains basically flat
Danish pharmaceutical giant Novo Nordisk's revenue growth fell short of expectations, but sales of its weight loss drug Wegovy exceeded expectations. Commodity giant Glencore's profits did not meet expectations, and it has canceled plans to move its primary listing from London to New York
On Wednesday, August 6, several European companies reported strong earnings, boosting market confidence, and European stocks opened higher collectively. U.S. stock futures and Asian markets also rose. However, concerns remain, with ongoing tariff risks and poor U.S. economic data. Among other assets, oil prices ended a five-day decline, and the U.S. dollar index remained basically flat. U.S. Treasury yields slightly increased, with the market focusing on the upcoming 10-year Treasury auction.
The following are the trends of core assets:
U.S. stock futures rose slightly, with S&P 500 futures up over 0.4%.
European stocks opened higher collectively, with the pan-European index rising for three consecutive days. The Euro Stoxx 50 index opened up 0.5%, the German DAX index rose 0.5%, the UK FTSE 100 index increased by 0.4%, and the French CAC 40 index was up 0.5%.
The U.S. dollar index, Japanese yen, and euro remained basically flat.
U.S. Treasury yields rose across the board, with the benchmark 10-year U.S. Treasury yield up over 1 basis point.
Spot gold fell over 0.2%, while spot silver remained basically flat.
WTI crude oil rose by 1% during the day, priced at $65.82 per barrel. Brent crude oil also rose by 1% during the day, priced at $68.32 per barrel.
Overall Positive Corporate Earnings Drive European Stock Market Upward
ABN Amro, the Dutch bank, announced a new round of stock buybacks after reporting earnings that exceeded expectations. Siemens Energy indicated that its full-year performance is expected to reach the upper limit; healthcare provider Fresenius SE raised its full-year sales forecast; Bayer's sales exceeded analyst expectations. Deutsche Bank announced a stock buyback plan of up to €1.2 billion.
However, some companies performed poorly. Danish pharmaceutical giant Novo Nordisk reported revenue growth below expectations, but sales of its weight loss drug Wegovy exceeded expectations. Commodity giant Glencore's profits fell short of expectations, and it canceled plans to move its primary listing from London to New York.
U.S. stock futures rose, with Nasdaq 100 futures up over 0.3%.
U.S. oil briefly rose about 1% during the session.
The U.S. dollar index remained basically flat.
