European stocks are expected to kick off Friday on a high note following Apple's robust earnings announcement. The tech giant, known for the iPhone among other products, launched the most significant share buyback in U.S. history. This came along with earnings and revenue numbers that surpassed analyst expectations, mainly attributed to record-breaking Services revenue.
Investors will keenly look out for the release of crucial data, including the U.S. nonfarm payrolls report and the ISM Services PMI figures due later during the day. This comes amid uncertainties surrounding interest rate cuts scheduled for 2024.
Asia's stock market saw a rise during thin trade, given that markets in Japan and mainland China were closed for holidays. The yen made more gains to end a frantic week marked by suspected interventions from Japanese authorities.
In the commodities market, gold remained strong, trading above $2,300 per ounce in Asia. On the other hand, oil prices made slight gains but are heading for a considerable weekly loss due to demand worries.
U.S. stocks underwent a notable rise overnight as fears of a rate hike eased. Traders are now adjusting expectations for the Federal Reserve's first full interest rate reduction to November, moved up from the previous projection of December.
In economic updates, last week's jobless claims were at a historically low level. Also, new orders for U.S.-manufactured goods noticeably increased in March. However, worker productivity in the first quarter of 2024 declined more than expected, leading to a significant increase in labor costs, revealed separate reports.
In market summaries, the Dow and the S&P 500 each rose approximately 0.9 percent. The tech-centric Nasdaq Composite made more gains, surging 1.5 percent.
European stocks had a mixed performance on Thursday. The pan-European STOXX 600 slightly declined by 0.2 percent following a survey that revealed a deepening downturn in the euro zone's manufacturing activity in April.
Germany's DAX dropped 0.2 percent, and France's CAC 40 fell 0.9 percent post-Fed signals that indicated higher interest rates will stay for an extended period. Meanwhile, the UK's FTSE 100 went up 0.6 percent, supported by solid earnings.
