Earnings cheer supports stocks, France's 10-year bond yield hits 5% mark
SPY•Global stocks and U.S. futures rose as early earnings reports supported sentiment, with 86% of the 13% of S&P 500 companies reporting beating estimates. France's 10-year bond yield reached 5.002%, its highest since 2002.
1. Earnings support stocks
Global stocks edged higher as early earnings results lifted sentiment amid concerns about AI-related shares and government bond markets. European stocks rose, and U.S. futures pointed to a positive Wall Street open ahead of results from Meta and Tesla. LSEG data showed 86% of the 13% of S&P 500 companies reporting had beaten earnings estimates.
2. French yields climb
France's 10-year bond yield hit 5.002%, its highest since 2002, as protests and concerns about the country's finances weighed on sentiment. The yield had risen 20 basis points so far that week, leaving its gap over 10-year German Bund yields at around 157 basis points.
3. Oil and company moves
Brent crude futures moved back above $110 a barrel, while U.S. Treasury yields also rose in London trading. French supermarket operator Carrefour fell nearly 13% after cutting its guidance due to recent protests. In Asia, South Korean AI infrastructure company Elice Group surged almost 30%, while Australian data centre operator NextDC lost nearly half its market value after cutting its revenue forecast and putting future developments on hold.
