FTSE 100, DAX, CAC 40 | Wilnesh News

British utility company State Grid The Stoxx 600 was its worst performer on Thursday and its best performer in intraday trading on Friday.

The power line operator rose 7% in early trading, following its full year results It also announced plans to raise 7 billion pounds ($8.9 billion) from shareholders to fund the clean energy transition.

Meanwhile, shares in Spanish utility Acciona fell 9% after the company warned in a report about its 2024 earnings outlook. First Quarter Transaction Report. JPMorgan analysts called the update “disappointing,” according to Reuters.

—Jenny Reed

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, will hold a virtual meeting on June 2 to determine the next steps for their crude production policy, the Organization of the Petroleum Exporting Countries (OPEC) secretariat said on Friday.

OPEC countries will hold a separate video conference on the same day.

OPEC+ is previously set Meeting in Vienna on June 1st. League representatives, who could only speak anonymously due to the sensitive nature of the panel, have told CNBC in recent days that they are increasingly uncertain about whether the reunion will move to a virtual format.

The influential alliance of oil producers now plans to continue cutting crude output by 2 million barrels per day through the end of the year, according to its official policy. In addition, some OPEC+ countries, including Saudi Arabia and Russia, announced voluntary production cuts: one group includes 1.66 million barrels per day, which will last until the end of this year; another group includes 1.66 million barrels per day, which will last until the end of the year; Including 1.66 million barrels per day. The second round of production cuts of 2.2 million barrels per day lasted until the end of the second quarter.

Market participants are closely watching whether voluntary production cuts will be extended in the second quarter, with ongoing conflicts in the oil-rich Middle East leading to lingering supply security concerns.

At 09:19 a.m. London time, the Ice Brent futures contract expiring in July fell 4 cents a barrel to $81.32 a barrel, and the front-month July Nymex WTI contract fell 9 cents a barrel to $76.78 a barrel.

— Ruksandra Jordash

European stock markets opened lower on Friday, with the regional Stoxx 600 index down 0.74% in early trading.

Germany’s DAX index fell 0.9%, Britain’s FTSE 100 index and France’s CAC 40 index fell 0.8% and 0.6% respectively.

—Jenny Reed

UK retail sales fell 2.3% in April as wet weather deterred shoppers, the Office for National Statistics said on Friday.

Economists polled by Reuters expected a smaller drop of 0.4%.

The ONS said: “Sales fell across most sectors, with clothing retailers, sports equipment stores, games and toy stores and furniture stores underperforming as bad weather reduced footfall.”

March’s number was revised from flat to down 0.2%.

—Jenny Reed

European stocks are set to open lower on Friday as losses continue into the week.

IG data showed that the UK’s FTSE 100 index last opened down 0.82% at 8,277 points. France’s CAC 40 index fell 0.38% to 8,069 points; Germany’s DAX index fell 0.5% to 18,598 points.

—Jenny Reed

Nvidia Delivered again, and the results prove it shows no signs of slowing down.

Nancy Tengler of Laffer Tengler Investments said the chipmaker’s shares rose in after-hours trading, but she expected gains given the “blowout earnings.”

“I think a lot of it has been priced in and now you’re going to see it trickle down to other players in this space,” the chief investment officer said Thursday on CNBC’s “Squawk Box Asia.”

“We thought there was another way to play this,” she said.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Coin library Extended trades up 5% after SEC approves a rule change paving the way for buying and holding ETFs ether. Robin Hood up 2%.

While both companies offer cryptocurrency trading, Coinbase may benefit more from the launch of an Ethereum ETF as it offers a host of other crypto services, including custody and staking, as well as a wider selection of tradable assets. Coinbase also operates a blockchain called Base, which is built on the Ethereum network.

Ethereum prices were up just 2% on Thursday night. Earlier in the week, the index rose more than 20% in two days as investors grew optimistic about the SEC’s decision, and is now expected to post its best week in more than a year.

Read more on how an Ethereum ETF could benefit Coinbase on CNBC Pro.

——Tanaia Machel, Jesse Pond

Traders once again lowered their expectations for the number of rate cuts this year and pushed the prospect of a first rate cut to later.

Traders in the federal funds futures market cut their forecasts for 2024 to just one rate cut, a day after minutes from the last Federal Reserve meeting confirmed that policymakers were worried about inflation and in no rush to cut interest rates. Statistics, close to 58% CME Group’s FedWatch tool. Earlier this week, the market was looking for two price cuts.

Meanwhile, the first decline is not expected until at least September, and more likely November. At the beginning of the year, traders expected at least six rate cuts starting in March. On Thursday afternoon, the probability of a rate cut in September fell to 51%.

——Jeff Cox

SimCorp said that as the first-quarter earnings season ends, investors will turn more attention to geopolitical concerns in the months leading up to the next round of earnings.

“The Fed has made it very clear that they’re not going to cut rates, so there’s not going to be a ‘will they cut rates’ (scenario) that has everybody on edge. We’re going to start to see a shift towards some of the geopolitical issues, whether Is it the election or are there two ongoing wars,” said Melissa Brown, managing director of Applied Research.

Brown noted that while events such as the US and UK elections do not necessarily have an economic impact, they do increase uncertainty.

“People may move from saying ‘I’ll buy now’ to ‘Look, I’ll wait and see the results before I decide to put more money into the market,'” Brown said.

— Kim Ha Kyung