Europe open: Shares stage small rally as Amazon results boost sentiment

by | Feb 4, 2022

European shares edged ahead at the opening Friday on the back of a better-than-expected results from Amazon overnight and firmer oil stocks.
The pan-European Stoxx 600 index was up 0.24% in early deals with most regional bourses higher after falling almost 2% on Thursday. US Nasdaq futures were up 1.5%.

Investors were also eyeing the US non-farm payrolls report later in the day.

“Some relief may spill over into today’s session, as Amazon made its bid to salvage the situation with a strong report which sent its shares soaring by 17% after the bell,” said Interactive Investor head of markets Richard Hunter.

“Similarly, Snap and Pinterest were also marked sharply higher. With attention now turning to the non-farms payroll report due later, the effects of the Omicron variant spilling over to January may be a feature of the numbers.

“The consensus is for just 150,000 jobs to have been added, following a disappointing 199000 the previous month, which would confirm the status of near full employment in the US and would also serve as a reminder that interest rate rises are imminent.”

Oil stocks were higher, driven by a rise in crude prices as freezing weather hit the US and posed a threat to supplies.

In equity news, shares in Assa Abloy, the world’s biggest lockmaker, rose to the top of the Stoxx as the company reported fourth-quarter operating earnings slightly above market forecasts and proposed raising its annual dividend.

Sanofi shares gained after the French drugmaker posted upbeat quarterly numbers and said it still expected its Covid-19 vaccine to win approval in the first quarter and help drive further earnings growth this year.

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