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European stocks inch higher, led by Hermès, while U.S. equity futures struggle – Stay Current News
  • August 5, 2021

European stocks inch higher, led by Hermès, while U.S. equity futures struggle

Hermès International stocks were a stellar gain on Friday as European stocks rose slightly while US stock futures also rose slightly.

The Stoxx Europe 600 Index
SXXP, + 0.34%
rose 0.3% to 413 after a 0.8% decline on Thursday. The index is flat for the week. The German DAX is among the regional indices
DAX, + 0.61%
rose by 0.5%, the French CAC 40
PX1 + 0.64%
gained 0.6% and the FTSE 100
UKX, + 0.23%
was flat.

US stock futures
YM00, + 0.19%

ES00, + 0.28%

NQ00, + 0.32%
rose modestly to a Lose Day on Wall Street led by a 0.7% decline for the Nasdaq Composite
COMP, -0.72%
According to the Dow Jones Market Data, this was the longest losing streak since October. Concerns about higher borrowing costs and poor unemployment claims data on Thursday contributed to these losses.

The 10-year Treasury yield
TMUBMUSD10Y, 1.305%
was 1.29% on Friday, down from 1.1% a week ago and 0.9% on Jan 4th.

Opinion: The trailing 12-month yield on the S&P 500 is about to rise

Oil prices
CL.1, -1.39%

BRN00, -0.92%
were under pressure, with US crude up more than 1%. This week prices reached a level that has not been reached since January 2020, but prices fell on Thursday amid speculation that big producers might discuss increasing production when they meet early next month. Freezing temperatures, which turned off power in Texas and devastated refineries in this state and elsewhere, also began to thaw.

Markit IHS purchasing managers index surveys have been carried out across Europe. The flash reading of the IHS Markit Eurozone composite PMI rose to a two-month high from 48.1 in February from 47.8 in January.

Otherwise UK retail sales crashed in JanuaryThis is a significantly steeper drop than expected as companies suffered from COVID-19 lockdowns.

The stocks of several companies moved on a series of earnings reports.

Hermès International
RMS + 5.91%
recorded a declining net profit in 2020 due to weaker sales. However, the French luxury goods company announced that sales had picked up again in the second half of the year and stocks were up 6%.

“With a [approximate] 20% EBIT [earnings before interest and taxes] After 2H20, stable cash flow and positive recent trading comments (YTD trends in China in line with Q4 20), we expect further support for the share price, ”Citigroup analyst Thomas Chauvet told clients in a press release.

Renault shares
RNO, -4.01%
fell 4% after the French automaker scrapped plans for a 2020 dividend as it posted a heavy loss and had more battles ahead of it. “2021 will be difficult in view of the unknowns in relation to the health crisis and the supply shortages for electronic components,” said CEO Luca de Meo.

alliance
VAT + 1.47%
reported higher operating income in fourth quarter that exceeded forecasts, a profit that was borne by all business areas. The German insurer proposed a dividend at the previous year’s level. Stocks rose 1%.

Danone
BN, + 2.48%
Results for 2020 have been impacted by the COVID-19 pandemic, but are expected to return to growth from the second quarter of this year. Like-for-like sales in the fourth quarter were down 1.4%, but improved sequentially compared to the previous quarters. The shares of the French food company rose 1.4%.

Shares in Ireland-based lender Allied Irish Bank
AIBG, + 4.72%
rose 4% when British bank NatWest
NWG, + 1.46%

NWG, -3.05%
said it would withdraw from Ireland According to a strategic review of Ulster Bank, the lender will not produce sustainable long-term returns.

NatWest has reached a Memorandum of Understanding with AIB to sell a EUR 4 billion ($ 4.84 billion) portfolio to issue commercial loans and to transfer staff assigned to that loan book. NatWest reported a sharp drop in pre-tax profit and spiked to losses in the fourth quarter of 2020, but both results were better than the market expected.

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