European markets opened higher Friday, regaining momentum after a dip in yesterday’s session.
The pan-European benchmark Stoxx 600 index was up 0.6% at the open, with the majority of sectors and all major bourses trading in the green.
Tech and construction stocks led gains, both up 1.05%, while chemicals were the sole outlier, down 0.3%.
On Friday, investors are digesting corporate releases from L’Oreal, TotalEnergies and NatWest.
NatWest first-quarter profits fall 27%
A NatWest Group Plc bank branch in the City of London, UK, on Thursday, Feb. 15, 2024.
Bloomberg | Getty Images
NatWest on Friday reported a slightly less-than-expected fall of 27% in first-quarter profits as the British lender struggles to stave off competition from other savings and mortgages providers.
Pre-tax operating profit came in at £1.3 billion ($1.63 billion) for the first three months of the year, down from £1.8 billion in the first quarter of 2023. An average of analyst forecasts had expected pre-tax operating profit of £1.2 billion for the period, according to Reuters.
NatWest CEO Paul Thwaite said the results indicated that consumer confidence was returning.
“Though macro-uncertainty continues, customer confidence and activity is improving, with both lending and deposits up in the quarter and impairments remaining low, reflecting our well-diversified business,” he said in a statement.
NatWest.
— Karen Gilchrist
CNBC Pro: Goldman Sachs likes these 2 mobile gaming stocks set for ‘blockbuster’ launches, gives one 40% upside
Investors seeking exposure to China’s growing gaming industry should look specifically at two technology according to Goldman Sachs.
The investment bank expects “China to see faster growth from mid 2024 supported by game launches and a loosening regulatory environment.”
Touching on opportunities for the companies, the Wall Street bank flagged opportunities such as “an accelerating quarter with blockbuster title launches,” in 2Q2023.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
CNBC Pro: Should investors buy the dip in Lululemon? Here’s what this fund manager says
Shares of popular athleisure brand Lululemon have plummeted this year, trailing the S&P 500 significantly.
Its shares, which were included in the Wall Street index just last October, are down around 28% year-to-date.
— Weizhen Tan
European markets: Here are the opening calls
European markets are set to open in positive territory Friday, recovering from a dip in yesterday’s session.
The U.K.’s FTSE 100 index is expected to open 50 points higher at 8,124, Germany’s DAX up 62 points at 17,980, France’s CAC 38 points higher at 8,049 and Italy’s FTSE MIB up 185 points at 33,857, according to data from IG.
Corporate releases are set to come from L’Oreal, TotalEnergies and NatWest. Data releases include Sweden’s household lending and Spain’s retail sales.
— Karen Gilchrist
