European stocks hover at record highs, led by Adidas, while U.S. futures steady ahead of April jobs report

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European stocks neared a fresh record on Friday, as shares of Adidas and Siemens climbed on upbeat guidance, while U.S. equity futures stuck to the flat line ahead of data that could show the country gained 1 million jobs last month.

The Stoxx Europe 600
SXXP,
+0.66%
rose 0.6% to 443.30, which if holds into the close would mark a record. The index has gained 1.3% this week so far. The German DAX
DAX,
+1.32%
climbed 1.2%, thanks to Adidas, the French CAC 40
PX1,
+0.29%
was up 0.2% and the FTSE 100 index
UKX,
+0.76%
rose 0.6%. The euro
EURUSD,
+0.07%
and pound
GBPUSD,
+0.13%
were modestly higher against the dollar.

U.S. stock futures
ES00,
+0.23%

YM00,
+0.25%

NQ00,
+0.31%
rose steadily as investors waited for April nonfarm payrolls data. The Dow Jones Industrial Average
DJIA,
+0.93%
booked a record close on Thursday, with the S&P
SPX,
+0.82%
and Nasdaq Composite
COMP,
+0.37%
also gaining, after a nearly 500,000 drop in weekly jobless claims.

Economists estimate the U.S. likely added one million new jobs last month, according to a survey by Dow Jones and The Wall Street Journal. Some Wall Street investment firms such as Jefferies have predicted gains of above two million.

Global growth remains the theme for markets and interest in specific stocks, said Neil Wilson, chief market analyst for Markets.com, in a note to clients.

“A monster commodity rally continues as the global economy heats up, and massive but messy rotation out of the tech/growth/momentum plays into more cyclical/value parts of the market,” he said. Copper futures for July delivery
HG00,
+2.60%
climbed over 2%, in a week that has seen the commodity gain over 5%.

Data from China on Friday showed exports and imports grew faster than expected in April, as global demand remained buoyant and commodity prices remained high.

In Europe, German exports rose 1.2% in March, continuing a recovery despite lockdown restrictions aimed at containing the COVID-19 pandemic. Other data showed industrial production for Germany rose 2.5% in March, also beating expectations, but French industrial production rose less than expected.

Shares of Adidas
ADS,
+7.90%
soared 7%, nearly topping the Stoxx 600 list of gainers after the German sporting-goods company guided for higher full-sales as profit climbed in the first quarter and improved across segments. Shares of rival Puma
PUM,
+2.63%
rose 2%.

“Adidas delivered a high quality Q1 beat, showing first signs of its new strategy, which should be taken well. Sales growth is trending ahead of expectations driven by DTC [direct-to-consumer] and all regions, despite the U.S. and Europe being impacted by bottlenecks,” said a team of UBS analysts led by Zuzanna Pusz.

Siemens
SIE,
+3.24%
lifted its 2021 guidance, after reporting a sharp rise fiscal second-quarter net profit, thanks to the performance of its industrial businesses and the sale of its mechanical-drives business Flender. Shares of the German engineering conglomerate rose 2%.

Danish jeweler Pandora
PNDORA,
+2.51%
reported a revenue gain. The company said around 25% of physical stores remained temporarily closed due to COVID-19 in April, and 20% are closed currently. Shares rose nearly 3%.

Shares of BMW
BMW,
+1.88%
were slightly higher, after the German luxury car maker reported a jump in first-quarter profit, and said it plans to meet the higher end of its forecast for the auto-business margin this year. 

Crédit Agricole
ACA,
-1.12%
posted a 64% forecast-beating jump in net profit for the first quarter, which was boosted by higher revenue and falling provisions for potential credit losses. Shares of the French bank slipped 0.8%.



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