©Reuters.
Investing.com – European stocks rose modestly on Friday, holding steady after gains from Nvidia in the pre-session session as quarterly corporate earnings season continues.
As of 3:05 a.m. ET (8:05 p.m. Japan time), German stocks were little changed, French stocks were up 0.1% and British stocks were up 0.3%.
Concerns over Germany's economic recession are growing
European stocks posted strong gains on Thursday, with the pan-European benchmark index closing at an all-time high as Nvidia's (NASDAQ:) blockbuster quarterly report boosted global sentiment.
However, European markets struggled to rise further on Friday as data showed the region's economic situation remained worrying.
Data released early Friday confirmed that Germany's economy fell 0.3% quarter-on-quarter in the fourth quarter. GDP stagnated in the second and third quarters, helping the eurozone's largest economy avoid another technical recession, generally defined as two consecutive quarters of contraction.
But the German Bundesbank said in its regular monthly report on Monday that Germany is now likely to be in recession as external demand remains weak, consumers remain cautious and domestic investment is held back by high borrowing costs. said.
Germany's February data will be released later, but business confidence is expected to rise only slightly this month.
New survey data from GfK showed on Friday that high inflation, which briefly fell in February, continues to weigh on hopes for an economic turnaround.
standard chartered (OTC:) announces new buyback program
There is more profit for investors to digest on Friday.
Standard Chartered (LON:) shares rose 0.8% after the Asian lender announced a $1 billion share buyback program and an 18% increase in annual pre-tax profit for 2023.
Allianz (ETR:) shares fell 1.8% after the German insurer nearly doubled its fourth-quarter net profit year-over-year, but it was still slightly below expectations. . The company also announced a €1 billion share buyback.
BASF (ETR:), Europe's largest chemical company, announced that its earnings will partially recover this year as it steps up cost-cutting measures to combat rising energy costs and weak demand. ETR:)'s stock price rose 3%.
Preparing for a rough week
Oil prices fell on Friday, poised for a bearish week as concerns about weak demand largely offset hopes of tight supplies due to turmoil in the Middle East.
By 3:05 ET, futures were trading 0.5% lower at $78.21 per barrel, and the contract was down 0.4% at $83.30 per barrel.
Both contracts are expected to end the week about 1% lower, weighed down by a series of weak economic data around the world that fueled concerns about demand slowing, as well as expectations of a prolonged period of higher U.S. interest rates.
These losses remained limited by some expectations that supplies would be tight. Official figures showed U.S. growth was weaker than expected last week, but a string of refineries restarted production after an extended winter break.
The stock rose another 0.1% to $2,031.55 an ounce, trading 0.1% higher at $1.0830.
