Société Générale reported that its third-quarter underlying Group net income increased to 1.41 billion euros from 1.39 billion euros, prior year. Net banking income growth was 2.3% from last year. The company said the business performance was driven by the resilience of French Retail Banking, strong growth in International Retail Banking and in Financial Services, and a robust performance from Global Markets and Financing & Advisory. Adjusted for changes in Group Structure and at constant exchange rates, net banking income growth was 3.7%, for the quarter. Reported Group net income declined to 1.50 billion euros from 1.60 billion euros, prior year. Net banking income was 6.83 billion euros compared to 6.67 billion euros, last year. Fréderic Oudéa, CEO, said: 'The third quarter is marked by increasing revenues, continued control of operating expenses and a contained cost of risk, while maintaining a prudent provisioning policy.' For the nine month period, underlying group net income increased to 4.49 billion euros from 4.04 billion euros, prior year. Underlying earnings per share was 4.68 euros compared to 4.06 euros.

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Swiss stocks opened on a somewhat subdued note on Friday, but gained in strength as the session progressed, tracking firm global markets amid slightly easing worries about interest rates after data showed U.S. unemployment rate edged up a bit in the month of October. The benchmark SMI, which climbed to 10,852.48, ended the session with a gain of 77.18 points or 0.72% at 10,787.77. Richemont rallied 6.76%. Sika gained nearly 4%, while Partners Group, Givaudan, Sonova, Logitech, Geberit, UBS Gropu, Credit Suisse and Holcim surged 2 to 2.6%. Roche Holding drifted down 1.66% and Novartis edged down marginally. In the Swiss Mid Price Index, Zur Rose and Swatch Group climbed 7.8% and 7.6%, respectively. Georg Fischer, Dufry and Schindler Ps gained 4.2 to 4.6%. Straumann Holding, Schindler Holding and AMS gained 3.5 to 4%, while Adecco, Temenos Group, Clariant and Ems Chemie Holding moved up 2.5 to 3%.

European stocks closed sharply higher on Friday as investors indulged in some hectic buying across the board almost right through the day's session. Expectations that China would relax its Covid-19 restrictions, and slightly easing concerns about a sharp rate hike by the Fed after data showed an uptick in U.S. unemployment rate in October, and firm commodity prices contributed to the buoyancy in the European markets. The pan European Stoxx 600 climbed 1.81%. The U.K.'s FTSE 100 gained 2.03%, Germany's DAX advanced 2.51% and France's CAC 40 surged 2.77%. Switzerland's SMI posted a modest 0.72% gain. Among other markets in Europe, Austria, Belgium, Czech Republic, Finland, Greece, Ireland, Netherlands, Poland, Sweden and Turkiye ended sharply higher. Iceland, Norway and Spain posted moderate gains, while Denmark, Portugal and Russia drifted lower. In the UK market, Anglo American Plc shares soared 11.1%. Prudential climbed nearly 9%, while Fresnillo, Rio Tinto, Endeavour Mining, Antofagasta, Rolls-Royce Holdings, HSBC Holdings, JD Sports Fashion, Burberry Group, Halma and Intertek Group gained 4 to 8%. Standard Chartered, Melrose Industries, Next, ICP, B&M European Value Retail, Taylor Wimpey, Mondi and Fraser Group surged 3.3 to 4%. BAE Systems ended lower by about 3%. Pearson, BT Group and Sainsbury (J) also closed notably lower. In Paris, Faurecia gained more than 8%. Kering, L'Oreal, Valeo, ArcelorMittal and LVMH surged 5.5 to 7%.

U.S. stocks rose Friday but finished the week with losses after the monthly jobs report did little to shift expectations for continued interest-rate increases from the Federal Reserve. Stocks have come under pressure in recent days as central banks including the Fed and the Bank of England aggressively raise interest rates to combat inflation. Fed Chairman Jerome Powell signaled this week that officials might raise borrowing costs next year more than they had projected. The Dow Jones Industrial Average lost 1.4% for the week, snapping a four-week winning streak, while the S&P 500 fell 3.3%. The tech-heavy Nasdaq Composite declined 5.6% in its worst week since January. As they have for months, investors scrutinized the fresh employment data for clues about how much more the Fed may tighten financial conditions as it seeks to cool the economy and bring down high inflation. The report Friday left intact the picture of a strong U.S. labor market. Employers added a seasonally adjusted 261,000 jobs in October, while wage gains ticked up from the previous month. The S&P 500 gained 50.66 points, or 1.4%, on Friday to 3770.55. The Dow industrials added 401.97 points, or 1.3%, to 32403.22. The Nasdaq Composite advanced 132.31 points, or 1.3%, to 10475.25. With threats to the economy and corporate earnings as the Fed continues to raise rates, few investors expect the markets to settle down soon. Earnings reports drove moves in individual stocks. Shares of Starbucks jumped $7.18, or 8.5%, to $91.86 after the company reported record sales last quarter but also said its profit was eroded by higher wages and investments. PayPal shares dropped $1.37, or 1.8%, to $75.18 after the fintech company cut its revenue outlook.

The East Asian stock markets are trending friendly at the beginning of the new week. Surprisingly little disruptive fire comes from the fact that China put a damper on hopes of an easing of the zero-covid policy at the weekend by stating officially that it would be maintained. Even the fact that China's exports and imports fell slightly in October and also missed expectations can hardly do any harm to the overall positive mood. Only some tourism stocks and airline share prices are lagging somewhat behind.

The yield on the benchmark 10-year U.S. Treasury note rose to 4.157% Friday from 4.123% on Thursday. Yields rise as bond prices fall.

Citi lowers RTL target to EUR 49 (51) – Buy

Bank of America raises Totalenergies target to EUR 92 (86) – Buy

UBS lowers Scout24 target to EUR 59 (64) – Buy

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