Good morning everyone ;
we see the weekly closure of the Main Market .
Enjoy the reading .
In European Equity Markets stocks steadied on Friday, with export-oriented auto stocks recovering as the euro lost some ground against the dollar. The pan-European FTSEurofirst 300 index was up 0.04 percent at 1,340 points. Banco Popolare rose 1.6 percent and Banca Popolare di Milano 0.5 percent after the ECB set conditions to approve their planned merger and asked for a multi-year industrial plan within a month. Nordea Bank fell 7 percent, leading the losses on the FTSEurofirst, as the stock went ex-dividend and Societe General cut its price target, keeping its “sell” rating. Generali fell 2.2 percent after reporting profit that rose less than expected because of writedowns on its equity holdings.
In Currency Markets the dollar recovered from a five-month low on Friday, rising against most major currencies, as traders covered short positions after two straight days of selling in the wake of the Federal Reserve’s cautious view on global market developments. The dollar was trading at 111.45 yen, off a low of 110.67 plumbed on Thursday that was its weakest since October 2014. The euro retreated from a five-week high of $1.1342, falling 0.2 percent to $1.1294. The dollar decreased against the oil-linked Mexican peso and Russian rouble, falling 0.3 percent and 0.8 percent respectively. The dollar was also lower against the South African rand, which added 0.75 percent against the greenback
In Commodities Markets oil rewrote its 2016 peaks on Friday, barreling into higher $40 territory and toward multi-week gains on expectations of a production freeze by major exporters and stronger seasonal fuel demand in the United States. Brent crude was up 1.5 percent, at $42.19 a barrel, after setting a 2016 high at $42.54. U.S. crude rose 58 cents to $40.78 after setting the year’s high at $41.20. It was on course to gain 6 percent on the week for a fifth straight week of gains. U.S. crude inventories hit a fifth straight week of record highs last week but the build of 1.3 million barrels was less than half of forecasts. Gasoline demand, meanwhile, jumped 6.4 percent over the past four weeks from a year ago.
In US Equity Markets the S&P 500 edged into positive territory for 2016 on Friday as a gain in financial stocks added to a rally spurred by the Fed’s tempered view on interest rates and rising oil prices. The S&P 500 was up 0.52 percent, at 2,051.16 and the Nasdaq Composite was up 0.46 percent, at 4,797.17. Seven of the 10 major S&P sectors were higher, led by a 1.03 percent rise in the financials sector. Bank of America and JPMorgan were up about 3 percent after they announced share buyback programs. Shares of Adobe were up 6.3 percent after the Photoshop maker raised its full-year profit and revenue forecasts above expectations. Columbia Pipeline was up 5.9 percent after TransCanada said it would buy the company for $10.2 billion.
In Bond Markets U.S. Treasuries rallied for a fifth straight session on Friday, in line with gains in European sovereign markets, as investors continued to snap up U.S. government bonds with the expectation that the Federal Reserve will implement fewer rate increases this year. In late morning trading, the benchmark 10-year note was up 6/32 in price to yield 1.880, down from 1.902 on Thursday. The 30-year bond was last up 9/32 in price to yield 2.679 percent. U.S. two-year notes were up 1/32 in price, with yields falling to 0.839 percent from 0.875 percent the previous session.