5/3/2024 8:57 AM
Europe slightly up, KB with results and no dividend, unemployment in the US in the afternoon
According to futures indications, the European indices will open in a slight growth mode (+0.2%) on Friday morning. Yesterday, Wall Street strengthened as the SP500 index added +0.9% to 5064 points. In addition, after the market closed, Apple reported, its announced share buyback exceeding USD 100 billion was of particular interest, and the shares subsequently rose. Asia added to the sentiment, Hong Kong (+1.4%) even grew for the 9th time in a row. Of the other assets watched, oil prices retreated below $80 this week and US yields are back slightly lower (4.58% on the 10-year note). In the afternoon, the report on the American labor market will be monitored. In Prague yesterday, as expected, the CNB reduced the repo rate by -0.5% to 5.25%. At the same time, it slightly increased the estimate of GDP growth to 1.4%, and sees a neutral rate between 3-3.5%. In response, it strengthened the CZK below the level of 25 vs. Euro. Komerční banka published its financial results this morning, net profit of CZK 2.8 billion fell short of market estimates of CZK 3.11 billion, interest income was CZK 6.28 billion in line with market expectations. KB shares will be traded on the stock exchange for the first time today without the right to a dividend, and the exchange rate will probably “fight” for the target of CZK 800.
Pavel Hadroušek, broker, Fio banka, as
