European markets are up; The UK is showing signs of recession

US stocks opened lower Friday as major US banks began their corporate earnings season.

The Dow Jones industrial average and the S&P 500 were both down 0.6% in early trade, while the Nasdaq was down 0.7%.

—Karen Gilchrist

Carl Hazeley, chief analyst at Finimize, talks about the outlook for US bank earnings.

The International Energy Agency on Friday lowered its forecast for oil demand growth to 2024, citing “exceptional weakness” in the OECD, tight post-Covid-19 supply and a growing fleet. of electric vehicles.

In its latest monthly oil market report, the IEA said it upgraded its 2024 oil demand growth forecast by about 100,000 barrels per day (bpd) to 1 million 1.2 bpd.

The global energy giant said it expects the pace of expansion to slow further to 1.1 million bpd next year.

“We’re seeing an uptick [electric vehicle] sales, especially in China and Europe, are really picking up the demand for oil, but also in the United States,” Toril Bosoni, head of the oil industry and markets division at the IEA, told CNBC’s “Street Signs Europe” on Friday.

“There’s been a lot of talk about sales not growing as much as expected, but EV sales and increased fuel efficiency in the car fleet are reducing demand for gasoline , at least in developed economies, especially China.”

International Brent crude futures for June delivery traded 0.8% higher at $90.5 a barrel on Friday at 10:40 a.m. in London, while US West Texas Intermediate futures for May delivery rose 1% to trade at $85.9 a barrel.

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— Sam Meredith

UK government yields were lower on Friday, with sterling falling against the US dollar but gaining against the euro.

The 10-year gilt yield was 6 points lower at 9:30 am in London, while 2-year yields were down 4 points. Yields move in opposite directions to prices.

Gilts have proven to be a popular asset at the start of 2024, with the Bank of England rate at 5.25% and policymakers stressing the “higher than long-term” message. Interactive Investor says gilts have posted the highest income of any investment on the platform since June 2023.

The US dollar was dominant on Friday, as markets continued to assess whether the hot press on US inflation means the Federal Reserve will start cutting rates later than previously thought.

Sterling was down 0.3% against the greenback at $1.251. The pound managed to gain 0.16% against the euro following UK gross domestic product figures and the latest monetary policy announcement from the European Central Bank.

— Jenny Reid

European markets opened higher on Friday.

The pan-European Stoxx 600 index rose 0.9% during morning deals, with all sectors and major bourses in positive territory.

Mining stocks led gains, up 1.7%.

— Sam Meredith

Britain’s economic output increased by 0.1% month-on-month in February, in line with expectations, according to figures published on Friday by the Office for National Statistics.

Economists polled by Reuters had expected a monthly increase of 0.1% in gross domestic product.

The data follows economic growth of 0.3% in January, which the ONS said was revised up from 0.2%.

— Sam Meredith

Goldman Sachs has updated its “growth agenda” of top picks in Asia Pacific for April by adding stocks and removing others.

The bank remains optimistic in this area, noting that it has a “firm outlook for 2Q.”

“Five factors may affect the performance of the Asian market in 2Q: the start of the rate cut, led by the Fed; elections and national politics; 1Q earnings results; specific market strategy; and (mainly, but mainly) the season,” investment banking analysts said, as they revealed their latest additions to the list.

CNBC Pro writers can read more here.

– Amala Balakrishner

Many stocks look expensive in today’s market, but there are still cheap stocks to be found – some of which can be held for the next 10 years, depending on the merits .

They shared with CNBC Pro their tips for picking cheap stocks that hold long-term promise, as well as their top picks.

CNBC Pro writers can read more here.

– Weizhen Tan

European markets are set to open on a positive note on Friday.

The UK’s FTSE 100 index is expected to open 31 points higher at 7,949, Germany’s DAX is up more than 100 points at 18,051, France’s CAC 47 is up at 8,064 and Italy’s FTSE MIB 150 is up at 33,212, in follow data from IG.

Investors are looking forward to full UK domestic product data for February and the International Energy Agency’s monthly oil market report.

— Sam Meredith