The world’s largest asset manager reported net income of $1.16 billion, down from $1.44 billion in the same period a year earlier. Earnings amounted to $7.64 a share. That missed the $7.78 a share expected by analysts polled by FactSet. Revenue fell 10% to $4.24 billion, slightly missing analysts’ estimates of $4.25 billion. The firm’s assets under management rose to $9.1 trillion from $8.6 trillion in the fourth quarter. Still, choppy markets dented the fees the firm earns managing its clients’ investments. BlackRock’s base management fees—fees not tied to performance that the firm received for administering fund holdings—fell 9% from a year ago to $3.5 billion. Performance fees from the firm’s actively managed funds slid to $55 million from $98 million a year ago, reflecting lower revenue from alternative products. BlackRock shares settled 3.1% higher on Friday. Some companies and individuals are spooked about keeping their deposits in regional banks after the collapse last month of Silvergate Capital Corp. , Silicon Valley Bank and Signature Bank. Some are moving their deposits to money-market funds, a trend where BlackRock stands to benefit.

The Switzerland stock market ended on a firm note on Friday, in line with markets across Europe, as investors indulged in some buying amid easing concerns about monetary policy tightening and inflation, and some encouraging earnings updates from top U.S. banks. The benchmark SMI ended with a gain of 83.91 points or 0.75% at 11,342.86. The index, which opened marginally up at 11,268.31, climbed to a high of 11,368.38 in the session. Richemont rallied 3.21%. Logitech surged 2.55%, ABB climbed 2.17% and UBS Group gained 2.1%. Partners Group, Credit Suisse, Holcim, Sika, Nestle, Geberit and Swiss Life Holding gained 1 to 1.7%. Sonova drifted down 1.52%. Zurich Insurance Group ended lower by 1.36%. In the Mid Price Index, Julius Baer ended stronger by 4%. Schindler Ps and Schindler Holding both gained nearly 2.6%. AMS, Adecco, Georg Fischer and Temenos Group gained 1.3 to 1.8%. Kuehne & Nagel and SGS ended lower by about 1.5% and 1.3%, respectively. Barry Callebaut ended 0.81% down. In economic news, Switzerland's producer and import price inflation eased further in March to the lowest level in almost two years, data from the Federal Statistical Office showed on Friday.

European stocks continued their winning streak as easing concerns about policy tightening, and strong earnings from some top U.S. banks helped underpin sentiment on Friday. Signs of cooling inflation prompted speculation that the Fed and other central banks may postpone or scale back plans for interest rate hikes to support growth. Figures from Destatis revealed earlier today that Germany's wholesale price inflation slowed to the lowest level in more than two years in March, easing to 2% in the month, from 8.9% in February. The German economy is likely to grow marginally in the first quarter as easing supply chain disruptions, the fall in energy prices and favorable weather conditions boosted industrial and construction output, the Economy Ministry said in a report published. The noticeable revival of economic activity will help the largest euro area economy to avoid a technical recession, the ministry noted. The pan European Stoxx 600 climbed 0.58%. The U.K.'s FTSE 100 gained 0.36%, Germany's DAX surged 0.5% and France's CAC 40 advanced 0.52%, while Switzerland's SMI gained 0.75%. Among other markets in Europe, Austria, Belgium, Czech Republic, Denmark, Finland, Greece, Ireland, Norway, Poland, Russia, Spain and Sweden closed with sharp to moderate gains. Iceland and Turkiye ended weak.

Big banks were among the few bright spots in stock markets Friday after posting stronger-than-expected earnings, though executives warned that recent stress in the financial sector is darkening their outlook for the U.S. economy. Major indexes fell after a Federal Reserve official said that inflation remained stubbornly high and that the central bank needs to continue raising interest rates to slow the pace of lending. Data released this week showed that inflation eased in March but that underlying price pressures persisted. Friday's declines ate into markets' modest gains for the week. The Dow Jones Industrial Average dropped 143.22 points, or 0.42%, to 33886.47. The Nasdaq Composite Index fell 42.81 points, or 0.35%, to 12123.47. 0.3%. The S&P 500 was down 8.58 points, or 0.21%, 4137.64. The losses spanned sectors including utilities, healthcare and technology. In the S&P 500, real-estate stocks led the declines, sliding 1.7% as pandemic-era office vacancies raised fears that owners of business parks, high-rises and other office properties could default on loans. Shares in Citigroup rose $2.26, or 4.8%, to $49.56 a share after the firm said higher interest rates lifted its profit by allowing it to charge more for loans. JPMorgan jumped $9.74, or 7.6%, to $138.73 a share following its report of record quarterly revenue and a 52% jump in quarterly profit. The big banks' earnings appeared to soothe investors' concerns that the stress at regional banks could metastasize. Bank of America on Friday gained 96 cents, or 3.4%, to $29.52. Morgan Stanley rallied $1.02, or 1.2%, to $86.71. And Goldman Sachs rose $4.79, or 1.4%, to $336.92. Declines in healthcare, consumer staples and other industries also weighed on broader indexes to close out the week. Boeing stock fell $11.88, or 5.6%, to $201.71 after the plane maker said it was pausing deliveries of some 737 MAX jets because of incorrectly installed parts.

At the start of the new week, no consistent trend can be observed on the stock exchanges in East Asia and Australia. On Monday, the Chinese stock market first received support from the country's central bank. The People's Bank of China (PBoC) injected 170 billion yuan into the country's banks at the unchanged medium-term interest rate (MLF) of 2.75 per cent.

U.S. bond markets have stabilized as bank fears faded, helping to fuel a rebound in corporate borrowing. But many investors remain wary that tightening standards for lending will eventually hit companies' growth prospects and profits.

Citi raises the Hermes target to EUR 2,010 (1,873) – Neutral
CS lowers VAT to CHF 358 (368) – Outperform
UBS raises Daetwyler to CHF 246 (238) – Buy

Produced by MBI Martin Brückner Infosource GmbH & Co. KG on behalf of Swissquote. All news is acquired with journalistic accuracy. No liability is assumed for delays or errors.