Market Wrap: 27 April 2023

Market Wrap: 27 April 2023

Stocks Rise With US Futures as Earnings Roll In: 

  • Sanofi, AstraZeneca and Barclays pace gains in Europe
  • Upbeat Meta earnings boost S&P 500, Nasdaq 100 futures

Stocks in Europe rose after reversing losses, while US equity futures rose as traders saw positive signs in corporate earnings reports.

The Stoxx 600 Index turned higher, paced by gains in drugmakers and banks following upbeat results from Sanofi, AstraZeneca Plc and Barclays Plc. Deutsche Bank AG dropped after trading revenue disappointed.

Contracts for the S&P 500 advanced after a two-day decline, while those for the tech-heavy Nasdaq 100 extended Wednesday’s rally. Earnings from Meta Platforms Inc. beat analyst estimates, pushing its shares 11% higher in after-hours trading.

Treasuries and the dollar were little changed before US GDP and jobless claims to gauge the strength of the US economy. The Federal Reserve’s preferred inflation gauge, the core PCE deflator, is due Friday. 

The potential for a tightening of credit conditions linked to the banking turmoil may prompt the Fed to adjust the pace of its interest-rate increases, Evercore ISI’s head of central bank strategy Krishna Guha wrote in a note, citing issues at First Republic Bank. The US regional lender faces potential curbs on borrowing from the Fed. 

“We cannot rule out the possibility developments around First Republic could unfold in a manner that would lead the FOMC to skip May, while signaling a hike in June,” Guha said.

In earnings, Sanofi’s profit topped stimates as the French drugmaker’s blockbuster therapy Dupixent gained market share. AstraZeneca’s profit also rose in the first quarter, helped by sales of its blockbuster oncology treatments.


Pharmaceuticals are well-positioned to weather recession, according to Janet Mui, the head of market analysis at RBC Brewin Dolphin, who recommends shifting to defensives.

“There has been some weakening in credit data which suggests it’s getting more difficult to get a loan,” Mui told Bloomberg TV. “This raises a chance of recession by the end of the year.”

In Asia, Samsung Electronics Co. shares overcame an early drop after posting a record quarterly loss in its chip division but indicating a recovery later this year. Nomura Holdings Inc. shares fell after reporting a slump in profits. Shares in Japan and China trader higher, while those in Australia fell.

Meanwhile, oil inched higher after a Wednesday fall, gold traded near the highest level in a week and Bitcoin resumed an advance.



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