Stocks Rally on Apple Earnings Before US Jobs Data – Europe Market Wrap

Stocks rose ahead of the US jobs data, as Apple fueled confidence about the profit potential of large technology companies. The yen rose to a three-week high.

Non-farm payrolls statistics are the next significant trigger for markets, after Federal Reserve Chairman Jerome Powell successfully put fears about a future rate rise to rest. The expected increase of 240,000 jobs would be the smallest since November.

Apple gained 6% in premarket trade after unveiling the largest stock purchase in US history. It also increased its revenue projection, predicting double-digit growth for its iPad and services businesses.

US market futures hinted to additional rise on Wall Street, while Europe’s Stoxx 600 gained 0.4%. While technology companies rallied, pharmaceuticals lagged, with Novo Nordisk falling more than 5% on competitive fears.