European stocks close lower
European stocks closed slightly lower on Friday, with regional stocks Stoke 600 The index fell 0.13%.
France’s CAC 40 index fell 0.26%, and Britain’s FTSE 100 index and Germany’s DAX index both fell about 0.2%.
Stoxx 600 Index.
Strategists say U.S. inflation faces more upside risks, “in sharp contrast” to Europe
Rathbones co-chief investment officer Ed Smith outlines his strategy for stocks as the U.S. economy continues to battle stubborn inflation.
U.S. stocks opened little changed
U.S. stocks opened little changed on Friday, a day after the Dow Jones Industrial Average topped the historic 40,000 mark.
The 30-stock Dow Jones Industrial Average rose 40 points, or 0.1%, while the S&P 500 and Nasdaq Composite also rose.
— Lisa Kailai Han
Biggest gainers: Lagercrantz rose more than 8%, Azelis Group fell more than 12%
Swedish technology company Lagercrantz hit a record high on Friday, with shares last up 8.5% as of 11:01 a.m. London time publish results fiscal fourth quarter and full fiscal year. The company said earnings before interest and tax rose 14% in the three months to the end of March 2024 and 19% for the full year.
Shares of Belgian food ingredients and specialty chemicals company Azelis Group plummeted, eventually falling 12.7%. Reuters reported that Azelis’ two major shareholders, EQT Partners and PSP Investments, have sold more than 10% of their outstanding shares at a discount.
——Sophie Kidlin
Richemont Group fourth-quarter sales fall on weak demand in Asia Pacific
Shoppers queue to enter the Cartier store on Canton Road, Tsim Sha Tsui, Hong Kong.
Billy HC Guo | Bloomberg | Getty Images
Swiss luxury goods group Richemont Group on Friday report Sales fell 1% in the fourth quarter, exacerbating weak demand across the luxury goods industry.
Cartier’s owner said sales fell to 4.8 billion euros ($5.21 billion) in the three months to March due to a slowdown in the Asia-Pacific region. On a constant currency basis, sales grew 2% during the period, down from 8% in the previous quarter.
Full-year group sales grew by 3%, reaching a record high of 20.6 billion euros.
Chairman Johann said: “Our sales in the Asia-Pacific region were weak in the fourth quarter, which was more than offset by higher growth in other regions. As we forecast, a sustainable rebound in Chinese demand will take some time.” Rupert said in a statement.
In a separate statement, the company announced Van Cleef & Arpels CEO Nicolas Bos as its new group CEO, effective June 1.
— Karen Gilchrist
CNBC Pro: Bank of America rates it ‘Asia’s most important stock’ – analysts see more than 40% upside
BofA Securities selected the 20 “most important stocks” in Asia from the MSCI Asia Pacific Index constituent stocks.
Backtesting shows that stocks on the investment bank’s screens “have outperformed in 16 of the last 29 calendar years, and they tend to outperform in rising markets.”
“In recent years, they have significantly outperformed the market in 2019-20, but significantly underperformed in 2021-22. These are important stocks that investors need to get right,” Bank of America analysts called the stocks on the screen express.
CNBC Pro subscribers can read more about the stock here.
— Amala Balakrishna
CNBC Pro: Meme stocks and more: Analysts label company as ‘danger zone’ company to avoid
European Markets: Here are the opening calls
European markets are expected to open lower on Friday.
British FTSE 100 German stocks are expected to open 12 points lower at 8,416 German DAX Index France fell 36 points to 18,686 CAC 25 points lower than Italy at 8,163 FTSE MIB It fell 105 points to 34,975, according to IG data.
Richemont and Engie release profit data, while the UK and Eurozone release inflation data.
— Karen Gilchrist
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