- US equity futures fell while stocks in Europe rose Friday after china’s pledge to ramp up stimulus helped restore confidence in the world’s second-largest economy and driver of commodity demand.
- The S&P 500 futures contract fell 0.9%, while the Nasdaq futures contract fell 1.2%, as a result of post-earnings slumps in Amazon and Apple Mining stocks led the rise in the Stoxx Europe 600 index. Tesla rose as much as 4.2% in premarket trading in the United States after Elon Musk stated that he has no plans to sell any more shares.
- Aside from the misses by tech behemoths, the busy earnings season has largely helped to mitigate losses during a tumultuous year. According to Barclays strategists, S&P 500 earnings growth is tracking at 4.3% year on year, with 86% of companies beating estimates.
- The Nasdaq 100 index is down 9.3% so far in April, the worst performance since November 2008, as rising interest rate fears, hurt frothy growth stocks and fuel future profit risks.
- German Economy Ministry Spokesperson: Gas supply contracts are private contracts that cannot be changed unilaterally.
- JBC: OPEC output rose 280k BPD to 28.8m BPD in April.
- Euro zone money markets now price in 90 bps of ECB hikes by December IRPR, versus 85 bps on Thursday.
- China's NHC: China will not budge from its commitment to covid zero; instead, it will optimise its response
