EUROPEAN and US stocks edged higher yesterday following mixed data and corporate results, as markets await peak earnings season and central bank actions.

Frankfurt and Paris stocks ended the day half percentage point higher after purchasing managers’ index (PMI) survey data showed eurozone business activity growth accelerated in April on the buoyant services sector – but manufacturing shrank.

London, meanwhile, edged up as investors eyed rebounding UK business activity despite sliding retail sales.

Wall Street stocks traded within a narrow range for most of the day before finishing slightly higher.

The S&P 500 climbed a scant 0.1%, extending a choppy period on Wall Street.

Investors mostly focused on corporate earnings, which were mixed. Consumer goods giant Procter & Gamble surged on solid quarterly results, but several prominent companies have tumbled this week following earnings reports, including Tesla and American Express.

Analysts said this week’s results were a warm-up for next week’s heavy schedule, which includes most of the major US tech giants.

“Markets are in wait-and-see mode ahead of the tech earnings next week,” said Angelo Kourkafas of financial services firm Edward Jones. He also pointed to an upcoming Federal Reserve policy decision.

“These are going to be the next two catalysts,” he said.

US tech giants Amazon, Microsoft, Google parent Alphabet and Facebook owner Meta are publishing results next week, along with a slew of other corporate titans. They include Swiss banks UBS and Credit Suisse, food group Nestle and oil majors TotalEnergies and Chevron.

“Stocks are still looking for a catalyst to drive them higher from here, but above all this hangs the worry about the Fed going further on tightening than the market currently expects,” said Chris Beauchamp, chief market analyst at online trading platform IG.

Asian stock indices closed lower on fears of a prolonged downturn after data Thursday indicated the US economy was slowing.

Key figures around 2030 GMT

New York - Dow: UP 0.1% at 33,808.96 (close)

New York - S&P 500: UP 0.1% at 4,133.52 (close)

New York - Nasdaq: UP 0.1% at 12,072.46 (close)

London - FTSE 100: UP 0.2% at 7,914.13 (close)

Frankfurt - DAX: UP 0.5% at 15,881.66 (close)

Paris - CAC 40: UP 0.5% at 7,577.00 (close)

EURO STOXX 50: UP 0.5% at 4,408.59 (close)

Tokyo - Nikkei 225: DOWN 0.3% at 28,564.37 (close)

Hong Kong - Hang Seng Index: DOWN 1.6% at 20,075.73 (close)

Shanghai - Composite: DOWN 2.0% at 3,301.26 (close)

Euro/dollar: UP at US$1.0993 from US$1.0970 on Thursday

Pound/dollar: UP at US$1.2446 from US$1.2443

Dollar/yen: DOWN at  ¥134.09 from  ¥134.24

Euro/pound: UP at 88.30 pence from 88.16 pence

West Texas Intermediate: UP 0.6% at US$77.87 per barrel

Brent North Sea crude: UP 0.7% at US$81.66 per barrel – AFP, April 22, 2023.