Wall Street higher amid earnings avalanche as FTSE closes higher
US markets were higher this Tuesday ahead of a busy week for earnings. The FTSE bounced back from a session mostly in the red as investors digested the latest UK jobs data and PMI data to close higher.
Across the pond, the Dow Jones (^DJI) rose 0.63% to 33,132 points as the closing bell rang across Europe. The S&P 500 (^GSPC) climbed 0.52% to 4,238 points and the tech-heavy NASDAQ (^IXIC) edged 0.54% higher to 13,089.
The FTSE 100 (^FTSE) rose 0.16% to close at 7,386 points, while the CAC 40 (^FCHI) in Paris climbed 0.56% to 6,889 points. In Germany, the DAX (^GDAXI) advanced 0.50% to 14,874.
Investors in the UK had to digest some recession warnings from economic indicators. The flash UK services PMI business activity index fell to 49.2 in October from 49.3 in September, hitting a nine-month low while the flash UK manufacturing PMI rose to 45.2 from 44.3 — a three-month high.
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“The UK economy continued to skirt with recession in October, as the increased cost of living, higher interest rates and falling exports were widely blamed on a third month of falling output," Chris Williamson, chief business economist at S&P Global Market Intelligence, said.
"A recession, albeit only mild at present, cannot be ruled out," he added.
The pan-European Stoxx 600 index (^STOXX) rose 0.41% boosted by upbeat earnings from heavyweights such as Hermès (RMS.PA) and Italian bank UniCredit (UCG.MI).
Michelin (ML.PA), Heineken (HEIA.AS), Spotify (SPOT) and Novartis (NOVN.SW) are also reporting today. After the closing bell in Europe, Google owner Alphabet (GOOG), Microsoft (MSFT) and Spotify (SPOT) are among the companies reporting third-quarter results across the pond.
In the UK, Barclays (BARC.L) was the biggest faller, down around 6.38% as it announced job cuts amid falling profits and rising loan losses.
Packaging firm Bunzl (BNZL.L) dropped 4.26% after cutting its full-year revenue forecasts on lower prices.
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