European Markets Rebounded, Euro Area GDP Barely Expanded

Major averages in Europe turned lower after investors reviewed the latest corporate results and economic data. 

Caution prevailed in the final trading day of the week, after economic growth in the eurozone was a meager 0.1% and the German economy registered flat growth after higher interest rates and elevated inflation hit the aggregate demand. 

On the earning front, companies reported mixed quarterly results. Mercedes Benz lifted its outlook for its vans division but Swedish appliance maker Electrolux reported weak demand. 

Danske Bank posted a sharp increase in first quarter profit and NatWest reported higher profit but the the U.K.-based Amundi reported a decline in assets under management.  

Euro Area Registered Weak Q1 Economic Growth 

Economic growth in the Euro Area in the first quarter was 0.1%, according to the preliminary data released by the Eurostat, the statistical office of the European Union. 

GDP expanded 0.1% from the previous quarter in the currency union and rose 0.2% in the wider European Union. 

From a year ago, seasonally adjusted GDP increased 1.3% in both the  euro area and the EU in the first quarter of 2023, after a rise of 1.8% in the euro area and 1.7% in the EU in the fourth quarter of 2022. 

Among the member states, economic growth from the previous quarter in Germany was flat, in France 0.2% and Spain and Italy 0.5% 

Portugal led the region with a rise of 1.6% and the Irish economy registered the largest decline of 2.7%.

Spain and French Inflation Rates Accelerated 

Inflation rate in France unexpectedly accelerated in April to 5.9% from 5.7% in March, according to the data released by the statistical office INSEE on Friday. 

Inflation accelerated following the faster rise in energy prices of 7% in April compared to 4.9% in March and services at 3.2% from 2.9%. 

On a monthly basis, the consumer price inflation rose 0.6% following a 0.9% gain in March. 

The harmonized inflation index increased 0.7% on a monthly basis and rose 6.9% from a year ago. 

Consumer price index in Spain accelerated to 4.1% in April from an 18-month low of 3.3% in March, the National Statistics Institute INE reported Friday. 

The electricity prices declined at a slower pace and fuel prices rebounded in April, offset by a smaller rise in food and alcohol beverages.   

Core rate of inflation, which excludes energy and food prices, weakened to 6.6% from 7.5% in March. 

On a monthly basis, consumer prices rose 0.4% in April, matching the rate in the previous month. 

Europe Indexes & Yields 

The DAX index increased 0.8% to 15,922.38, the CAC-40 index increased 0.1% to 7,491.50 and the FTSE 100 index added 0.5% to 7,807.57. 

For the week, the DAX index increased 0.4%, the CAC-40 index dropped 1.8% and the FTSE 100 index declined 0.6%. 

The yield on 10-year German Bunds eased to 2.38%, French bonds to 2.96%, the UK gilts to 3.73% and Italian bonds to 4.28%.

The euro hovered near a one-year high against the dollar as the U.S. economy faced banking turmoil. 

The euro edged higher to $1.093, the British pound to $1.246 and the Swiss franc to 89.53 cents.

Brent crude rose 19 cents to $78.41 a barrel and the Dutch TTF natural gas increased 83 cents to €39.89 per MWh.

Europe Stock Movers 

Electrolux AB increased 7.8% to SEK 144,30 after the Swedish appliance maker posted a smaller-than-expected loss. 

Revenue in the first quarter rose 9% to  SEK 32.73 billion from SEK 30.12 billion, and organic sales rose 2.2%. 

The company maintained higher prices but sales volume declined in the quarter. 

Loss in the first quarter was SEK 588 million compared to a profit of 950 million and diluted earnings per share was (SEK 2.18) compared to SEK 3.14 a year ago.  

Eni SpA declined 0.7% to €13.40 after net income in the first quarter declined 11% from a year ago on lower oil and natural gas prices. 

Covestro AG soared 6.4% to €39.02 after the German chemical company said it plans to resume its previously announced stock repurchase program.  

NatWest Group Plc declined 4.5% to 260.0 pence after the UK-based bank reported weaker-than-expected outlook. 

Pearson Plc rose 3.3% to 882.80 pence after the U.K.-based publishing company reported quarterly results and announced its plan to commence a stock repurchase program in the second-half of 2023.  

Mercedes Benz Group AG declined 1% to €69.37 after the vehicle maker reported a 12% rise in its first quarter profit. 

Moreover, the luxury vehicle maker warned that recent turmoil in the banking sector in the U.S. and Europe may negatively impact future sales. 

First Quarter 2023 Real GDP Growth Decelerated

U.S. real gross domestic product increased at an annual rate of 1.1% in the first quarter, slower than the 2.6% rate in the final quarter of 2022, the Bureau of Economic Analysis reported Thursday. 

Increases in consumer spending, exports, federal government spending, state and local government spending, and nonresidential fixed investment were partly offset by decreases in private inventory investment and residential fixed investment. 

Higher imports also weighed negatively on the final growth calculation. 

Current‑dollar GDP increased 5.1% at an annual rate, or $327.9 billion, in the first quarter, to a level of $26.47 trillion. 

Nominal GDP growth in the first quarter was at the slowest pace since the fourth quarter 2019, excluding pandemic era first two quarter of 2020.  

In the fourth quarter, current dollar GDP increased 6.6%, or $414.1 billion.

The price index for gross domestic purchases increased 3.8% in the first quarter, compared with an increase of 3.6% in the fourth quarter. 

The PCE price index increased 4.2%, compared with an increase of 3.7% and excluding food and energy prices, the PCE price index increased 4.9%, compared with an increase of 4.4% in the previous quarter. 

Meta Platforms Earnings Power 2% Rally In Nasdaq and S&P 500 Indexes

Stocks accelerated gains after Meta-powered tech rally lifted broader averages. 

Facebook's parent Meta Platforms soared after the advertising driven business reported a a rise in revenue for the first time in about a year. 

The revenue-increase eased market fears of advertising slowdown, harbinger of broader weakening of economic confidence. 

Market enthusiasm may be misplaced, because most businesses supported by advertising revenues are still struggling with falling revenues and advertising agencies are worried about the slowing business spending.  

But on Wall Street, benchmark indexes jumped 2% and tech stocks led the gainers after Metal Platforms reported increase in revenue and daily active users across all sites. 

Despite the market gains for the second day in a row powered by tech rally, increases were in check after U.S. GDP growth slowed sharply in the first quarter, keeping some investors wondering about the health of the broader economy. 

Sharp Deceleration In US GDP Growth 

U.S. real gross domestic product increased at an annual rate of 1.1% in the first quarter, slower than the 2.6% rate in the final quarter of 2022, the Bureau of Economic Analysis reported Thursday. 

Increases in consumer spending, exports, federal government spending, state and local government spending, and nonresidential fixed investment were partly offset by decreases in private inventory investment and residential fixed investment. 

Higher imports also weighed negatively on the final growth calculation. 

U.S. Indexes & Yields 

The S&P 500 index increased 1.8% to 4,128.46 and the Nasdaq Composite index advanced 2.3% to 12,126.75. 

The yield on 2-year Treasury notes inched lower to 4.09%, 10-year Treasury notes rose to 3.52% and 30-year Treasury bonds held at 3.76%. 

Crude oil rose 59 cents to $74.89 a barrel and natural gas prices eased a fraction to $2.28 a thermal unit. 

U.S. Stock Movers 

Meta Platforms Inc soared 13.5% to $209.30 after the parent of Facebook reported better-than-expected revenue. 

Revenue in the March quarter increased 3% to $28.6 billion and net income dropped 24% to $5.7 billion from $7.5 billion and diluted earnings per share fell to $2.20 from $2.72 a year ago. 

Facebook daily active users increased 4% to 2.04 billion and across all sites including Instagram and WhatsApp rose 5% to 3.02 billion. 

In the first quarter, ad impressions delivered across all apps  increased 26% and the average price per ad decreased 17% from a year ago.

Meta Platforms repurchased $9.22 billion of Class A common stock in the first quarter and the company had $41.73 billion available and authorized for repurchases. 

American Airlines Group increased 1.5% to $12.93 after the international airline reported mixed quarterly results. 

Revenue in the first quarter increased 37% to $12.2 billion and the company swung to a net income of $10 million from a loss of $1.6 billion and diluted earnings per share was 2 cents compared to ($2.52) a year ago. 

Southwest Airlines Co declined 4.7% to $29.44 after the regional airlines reported wider loss in the first quarter following a negative revenue impact after the late December scheduling crisis that led to the cancellation of 16,000 flights. 

Revenue in the first quarter increased 21.6% to $5.7 billion from $4.7 billion and net loss shrank to $159 million from $278 million and diluted loss per share shrank to 27 cents from 47 cents a year ago. 

Teladoc Health Inc rose 5% to $27.02 after the telehealth platform operator lifted its revenue and adjusted earnings outlook for the year. 

Revenue in the first quarter increased 11% to $629.2 million and net loss in the quarter dropped to $69 million from $6.7 billion and diluted loss per share fell to 42 cents to $41.58 a year ago.  

In the first quarter of 2022, the company recorded a goodwill impairment charge of $6.6 billion. 

The telemedicine company forecasted second quarter revenue between $635 million and $660 million and between $2.575 billion and $2.675 billion in the full-year 2023. 

The company also estimated adjusted operating earnings between $60 million and $68 million in the second quarter and between $285 million and $325 million in the full-year 2023. 

European Markets Trade Lower, Economic Sentiment Improved

The European markets struggled to advance and investors reviewed a slew of corporate earnings amid renewed concerns for the banking sector. 

The latest batch of corporate results showed better-than-expected earnings from STMicroelectronics, BBBVA, Deutsche Bank and Barclays and Unilever. 

Despite the stronger-than-expected corporate performance, investors worried about the rate path and looming economic slowdown in the quarters ahead. 

Moreover, U.S. regional bank worries resurfaced after First Republic Bank sought additional capital from new equity and bond investors.  

Investors also looked ahead to the release of the U.S. GDP data today and the Price Consumption Expenditures Price Index, a wider measure of inflation, on Friday. 

Economic Sentiment Index In Euro Area Improved In April 

The economic sentiment indicator in the Euro Area improved to 99.3 in April from 99.2 in March, the European Commission reported Thursday. 

The confidence indicator improved after service providers' confidence index increased to 10.5 from 9.6, consumer confidence index improved to -17.5 from -19.1 and traders to -1.0 from -1.5. 

However, the confidence index among manufacturers declined to -2.6 from -0.5. 

Inflation expectation index declined to 15.0, the lowest level of index since December 2020. 

Spain's Jobless Rate Advanced

Spain's jobless rate rose to 13.26% in the first quarter ending in March from 12.87% in the last quarter ending in December, the National Statistics Institute reported Thursday.  

The unemployment rate was 13.65% in the first quarter a year ago. 

The number of unemployed people increased 103,800 to 3.128 million, while the number of employed declined 11,100 to 20.453 million.

The employment market expanded by 368,000 in the last twelve months, improving the participation rate. 

The labor force participation rate was 58.55% in the first quarter compared to 58.52 in the fourth quarter of 2022. 

Europe Indexes & Yields 

The DAX index increased 4.72 points to 15,800.45, the CAC-40 index advanced 0.4% to 7,483.84 and the FTSE 100 index fell 21.06 points to 7,831.58.

The yield on 10-year German Bunds eased to 2.41%, French bonds to 2.99%, the UK gilts to 3.73% and Italian bonds to 4.29%.

The euro hovered near a one-year high against the dollar as the U.S. economy faced banking turmoil. 

The euro edged higher to $1.103, the British pound to $1.248 and the Swiss franc to 89.33 cents.

Brent crude rose 49 cents to $78.43 a barrel and the Dutch TTF natural gas decreased 30 cents to €38.25 per MWh.

Europe Stock Movers 

Deutsche Bank increased 0.9% to €9.64 after Germany's largest bank reported its highest profit in a decade. 

Barclays PLC advanced 3.8% to 159.72 pence after the U.K. based bank reported first quarter profit jumped 27% to £1.78 billion. 

Unilever PLC gained 1.9% to 4,455.0 pence after the consumer products maker reported higher-than-expected first quarter sales despite the worries of higher prices. 

STMicroelectronics NV declined 4.2% to €40.45 after the Netherlands-based advanced electronics  company announced quarterly results ahead of market expectations. 

Deutz AG increased 3.2% to €5.97 after the German engine maker expressed more confidence about the full-year 2023 results. 

Schneider Electric SE increased 2.4% to €155.60 after the French multinational company reported first quarter results and lifted its 2023 outlook. 

Ride-hailing company Lyft Inc confirmed its plan to lay off 1,072 corporate employees, about 26% of its total 4,000 staff, the company said in an SEC filing Thursday. 

The company has also decided to scale back hiring and eliminated  over 250 open positions. 

In connection with the plan, the company estimated a cost of approximately $41 million to $47 million related to  severance and employee benefits in the second quarter of 2023, all of which will be future cash expenditures. 

In the second quarter, the company also expects to  incur an additional cost related to stock-based compensation and the corresponding payroll tax expense related to employees who were impacted by this  restructuring, the estimated charges will be reported once available in an amended regulatory filing. 

CBRE Group, Inc soared 9.4% to $76.60 after the commercial real estate company reported first quarter results. 

Revenue in the quarter increased 1.1% to $7.4 billion from $7.3 billion and net income dropped 70.2% to $117 million from $392 million and diluted earnings per share fell to 37 cents from $1.16 a year ago. 

The company retained its full-year 2023 outlook and "with core earnings per share expected to decline by low-to-mid double  digits this year, but then exceed the prior peak in 2024."

Global leasing revenue declined 8% and capital markets revenue plunged 43%, loan servicing revenue increased 5%, property management net revenue increased 1%, valuations revenue declined 9% and investment management revenue rose 3%. 

Asset under management declined $0.4 billion to $148.9 billion. 

The company repurchased approximately 1.4 million shares for $114 million for an average price of $83.48 per share in the first quarter, and $2.0 billion of capital available in the stock repurchase program as of March 31.

Meta Platforms Inc increased 13.5% to $209.30 after the parent of Facebook reported better-than-expected revenue. 

Revenue in the March quarter increased 3% to $28.6 billion and net income dropped 24% to $5.7 billion from $7.5 billion and diluted earnings per share fell to $2.20 from $2.72 a year ago. 

Facebook daily active users increased 4% to 2.04 billion and across all sites including Instagram and WhatsApp rose 5% to 3.02 billion. In the first quarter, ad impressions delivered across all apps  increased 26% and the average price per ad decreased 17% from a year ago.

Meta Platforms repurchased $9.22 billion of Class A common stock in the first quarter and the company had $41.73 billion available and authorized for repurchases. 

Total staff at the end of March decreased 1% from a year ago to 77,114, reflecting the layoff announced in November 2022 but not counting the staff that will be impacted from the 2023 layoffs.  

American Airlines Group increased 1.5% to $12.93 after the international airline reported mixed quarterly results. Revenue in the first quarter increased 37% to $12.2 billion and the company swung to a net income of $10 million from a loss of $1.6 billion and diluted earnings per share was 2 cents compared to ($2.52) a year ago. 

Revenue passenger miles increased 17.4% to 52.04 million, available seat miles rose 9.2% to 65 million and load factor improved 5.6 percentage points to 80.0%. 

Total revenue per available seat mile soared 25.4% to 18.75 cents from 14.95 cents a year ago. Operating cost per available seat mile increased 13% to 18.08 cents.  

The company expects its second quarter adjusted earnings per diluted share between $1.20 and $1.40 and full-year 2023 between $2.50 and $3.50. The company’s forecasts include the estimated impact of anticipated new labor agreements. 

Southwest Airlines Co declined 4.7% to $29.44 after the regional airlines reported wider loss in the first quarter following a negative revenue impact after the late December scheduling crisis that led to the cancellation of 16,000 flights. 

Revenue in the first quarter increased 21.6% to $5.7 billion from $4.7 billion and net loss shrank to $159 million from $278 million and diluted loss per share shrank to 27 cents from 47 cents a year ago. 

Because of production delays faced by Boeing, Southwest is now anticipating delivery of 70 737 MAX 8 aircrafts, instead of 90.  As a result of the revision in aircraft deliveries and retirements, the company now expects to end the year with 814 aircraft, compared with its previous estimate of 833.

Southwest's first quarter capital expenditures were $1.0 billion and because of the slow aircraft deliveries, the company lowered its 2023 capital expenditures to $3.5 billion from the previous estimate of $4.0 billion. 

eBay Inc increased 3.6% to $44.93 after the online marketplace reported better-than-expected quarterly results. Revenue in the first quarter increased 1% to $2.5 billion from $2.48 billion a year ago. 

Net income from continuing operations swung to a profit of $569 million from a loss of $1.4 billion and diluted earnings per share was $1.05 from ($2.28) a year ago. 

The company declared a cash dividend of $0.25 per share payable on June 16 to stockholders of record as of June 1.

In the first quarter, the company repurchased $250 million of its common stock, or more than 5 million shares, and about $2.6 billion is available in the stock repurchase plan, and paid cash dividends of $134 million.

Teladoc Health Inc rose 5% to $27.02 after the telehealth platform operator lifted its revenue and adjusted earnings outlook for the year. 

Revenue in the first quarter increased 11% to $629.2 million and net loss in the quarter dropped to $69 million from $6.7 billion and diluted loss per share fell to 42 cents to $41.58 a year ago.  

In the first quarter of 2022, the company recorded a goodwill impairment charge of $6.6 billion. 

The telemedicine company forecasted second quarter revenue between $635 million and $660 million and between $2.575 billion and $2.675 billion in the full-year 2023. 

The company also estimated adjusted operating earnings between $60 million and $68 million in the second quarter and between $285 million and $325 million in the full-year 2023. 

STMicroelectronics NV fell 8.9% to $42.14 after the Switzerland-based advanced electronics  company announced quarterly results ahead of market expectations.

The company said revenue in the first quarter increased 19.8% to $4.2 billion and net income soared 39.8% to $1.04 billion from $747 million and diluted earnings per share increased to $1.10 from 79 cents a year ago.

The company forecasted second quarter revenue of $4.28 billion with a band of $350 million, a sequential increase of 0.8%, and gross margin of 49.0% with a band of 200 basis points.  

Movers: American Airlines, Meta Platforms, STMicroelectronics, Southwest Airlines, Teladoc Health

Meta Platforms Inc increased 13.5% to $209.30 after the parent of Facebook reported better-than-expected revenue. 

Revenue in the March quarter increased 3% to $28.6 billion and net income dropped 24% to $5.7 billion from $7.5 billion and diluted earnings per share fell to $2.20 from $2.72 a year ago. 

Facebook daily active users increased 4% to 2.04 billion and across all sites including Instagram and WhatsApp rose 5% to 3.02 billion. 

In the first quarter, ad impressions delivered across all apps  increased 26% and the average price per ad decreased 17% from a year ago.

Meta Platforms repurchased $9.22 billion of Class A common stock in the first quarter and the company had $41.73 billion available and authorized for repurchases. 

STMicroelectronics NV fell 8.9% to $42.14 after the Switzerland-based advanced electronics  company announced quarterly results ahead of market expectations.

The company said revenue in the first quarter increased 19.8% to $4.2 billion and net income soared 39.8% to $1.04 billion from $747 million and diluted earnings per share increased to $1.10 from 79 cents a year ago.

The company forecasted second quarter revenue of $4.28 billion with a band of $350 million, a sequential increase of 0.8%, and gross margin of 49.0% with a band of 200 basis points.  

American Airlines Group increased 1.5% to $12.93 after the international airline reported mixed quarterly results. 

Revenue in the first quarter increased 37% to $12.2 billion and the company swung to a net income of $10 million from a loss of $1.6 billion and diluted earnings per share was 2 cents compared to ($2.52) a year ago. 

Southwest Airlines Co declined 4.7% to $29.44 after the regional airlines reported wider loss in the first quarter following a negative revenue impact after the late December scheduling crisis that led to the cancellation of 16,000 flights. 

Revenue in the first quarter increased 21.6% to $5.7 billion from $4.7 billion and net loss shrank to $159 million from $278 million and diluted loss per share shrank to 27 cents from 47 cents a year ago. 

Teladoc Health Inc rose 5% to $27.02 after the telehealth platform operator lifted its revenue and adjusted earnings outlook for the year. 

Revenue in the first quarter increased 11% to $629.2 million and net loss in the quarter dropped to $69 million from $6.7 billion and diluted loss per share fell to 42 cents to $41.58 a year ago.  

In the first quarter of 2022, the company recorded a goodwill impairment charge of $6.6 billion. 

The telemedicine company forecasted second quarter revenue between $635 million and $660 million and between $2.575 billion and $2.675 billion in the full-year 2023. 

The company also estimated adjusted operating earnings between $60 million and $68 million in the second quarter and between $285 million and $325 million in the full-year 2023. 

eBay Inc increased 3.6% to $44.93 after the online marketplace reported better-than-expected quarterly results. 

Revenue in the first quarter increased 1% to $2.5 billion from $2.48 billion a year ago. 

Net income from continuing operations swung to a profit of $569 million from a loss of $1.4 billion and diluted earnings per share was $1.05 from ($2.28) a year ago. 

The company declared a cash dividend of $0.25 per share payable on June 16, 2023 to stockholders of record as of June 1, 2023.

Stocks On Wall Street Accelerated Gains, GDP Growth Decelerated

Stocks advanced in early trading after Facebook parent reported revenue growth for the first time in about a year. 

Benchmark indexes jumped in cautious trading and tech stocks led the gainers after Metal Platforms reported increase in revenue and daily users across all sites. 

Investors were encouraged after the online company reported its first increase in advertising revenue in about a year, indicating a stable environment for revenue in the coming months. 

Market gains were muted after GDP growth slowed sharply in the first quarter, raising the prospect of a broader slowdown in the economy. 

Sharp Deceleration In US GDP Growth 

U.S. real gross domestic product increased at an annual rate of 1.1% in the first quarter, slower than the 2.6% rate in the final quarter of 2022, the Bureau of Economic Analysis reported Thursday. 

Increases in consumer spending, exports, federal government spending, state and local government spending, and nonresidential fixed investment were partly offset by decreases in private inventory investment and residential fixed investment. 

Higher imports also weighed negatively on the final growth calculation. 

Indexes & Yields 

The S&P 500 index increased 0.8% to 4,088.60 and the Nasdaq Composite index advanced 0.9% to 11,968.01. 

The yield on 2-year Treasury notes inched lower to 4.01%, 10-year Treasury notes rose to 3.48% and 30-year Treasury bonds held at 3.74%. 

Crude oil fell 46 cents to $74.73 a barrel and natural gas prices eased a fraction to $2.28 a thermal unit. 

Stock Movers 

Meta Platforms Inc increased 13.5% to $209.30 after the parent of Facebook reported better-than-expected revenue. 

Revenue in the March quarter increased 3% to $28.6 billion and net income dropped 24% to $5.7 billion from $7.5 billion and diluted earnings per share fell to $2.20 from $2.72 a year ago. 

Facebook daily active users increased 4% to 2.04 billion and across all sites including Instagram and WhatsApp rose 5% to 3.02 billion. 

In the first quarter, ad impressions delivered across all apps  increased 26% and the average price per ad decreased 17% from a year ago.

Meta Platforms repurchased $9.22 billion of Class A common stock in the first quarter and the company had $41.73 billion available and authorized for repurchases. 

STMicroelectronics NV declined 4.2% to €40.45 after the Switzerland-based advanced electronics  company announced quarterly results ahead of market expectations.

The company said revenue in the first quarter increased 19.8% to $4.2 billion and net income soared 39.8% to $1.04 billion from $747 million and diluted earnings per share increased to $1.10 from 79 cents a year ago.

The company forecasted second quarter revenue of $4.28 billion with a band of $350 million, a sequential increase of 0.8%, and gross margin of 49.0% with a band of 200 basis points.  

American Airlines Group increased 1.5% to $12.93 after the international airline reported mixed quarterly results. 

Revenue in the first quarter increased 37% to $12.2 billion and the company swung to a net income of $10 million from a loss of $1.6 billion and diluted earnings per share was 2 cents compared to ($2.52) a year ago. 

Southwest Airlines Co declined 4.7% to $29.44 after the regional airlines reported wider loss in the first quarter following a negative revenue impact after the late December scheduling crisis that led to the cancellation of 16,000 flights. 

Revenue in the first quarter increased 21.6% to $5.7 billion from $4.7 billion and net loss shrank to $159 million from $278 million and diluted loss per share shrank to 27 cents from 47 cents a year ago. 

Teladoc Health Inc rose 5% to $27.02 after the telehealth platform operator lifted its revenue and adjusted earnings outlook for the year. 

Revenue in the first quarter increased 11% to $629.2 million and net loss in the quarter dropped to $69 million from $6.7 billion and diluted loss per share fell to 42 cents to $41.58 a year ago.  

In the first quarter of 2022, the company recorded a goodwill impairment charge of $6.6 billion. 

The telemedicine company forecasted second quarter revenue between $635 million and $660 million and between $2.575 billion and $2.675 billion in the full-year 2023. 

The company also estimated adjusted operating earnings between $60 million and $68 million in the second quarter and between $285 million and $325 million in the full-year 2023. 

U.S. real gross domestic product increased at an annual rate of 1.1% in the first quarter, slower than 2.6% rate in the final quarter of 2022, the Bureau of Economic Analysis reported Thursday. 

Increases in consumer spending, exports, federal government spending, state and local government spending, and nonresidential fixed investment were partly offset by decreases in private inventory investment and residential fixed investment. 

Higher imports also weighed negatively on the final growth calculation. 

Europe Movers: Barclays, BBVA, Deutsche Bank, Deutsche Borse, Deutz, Hellofresh, Schneider Electric, SimCorp, STMicro, Unilever

BASF SE declined 3.9% to €48.18 after the German chemical company reiterated its full-year 2023 outlook but highlighted growing macroeconomic uncertainty.  

Barclays PLC advanced 3.8% to 159.72 pence after the U.K. based bank reported first quarter profit jumped 27% to £1.78 billion. 

Total income in the first quarter increased 11% to £7.2 billion and profit attributable to shareholders increased to £1.8 billion from £1.4 billion and diluted earnings per share rose to 11.3 pence. 

Net interest margin in the quarter increased to 3.18% from 2.62% a year ago. 

Loan to deposit ratio from the previous quarter was stable at 73.0%. 

Deutsche Bank AG increased 0.9% to €9.64 after Germany's largest bank reported its highest profit in a decade. 

Deutsche Boerse AG declined 5.9% to €172.35 after the German stock exchange operator agreed to acquire Danish software and services provider SimCorp AS for 735 kroner per share or $4.3 billion in an all-cash offer.

Sim Corp AS soared 38.3% to DKK 731.50 in Copenhagen trading. 

Deutz AG increased 3.2% to €5.97 after the German engine maker expressed more confidence about the full-year 2023 results. 

Consolidated revenue in the first quarter increased 15.5% to €517 million from €447.9 million in the quarter a year ago. 

The company estimated EBIT, before exceptional items, €32 million compared to €15.8 million a year ago, above the market expectation of €27.9 million. 

New orders in the quarter increased 3% to €526 million from €509.6 million a year ago and the company estimated full-year revenue between €1.7 billion and €1.9 billion and engine deliveries between 175,000 and 195,000. 

Hellofresh SE soared 6.5% to €26.88 after the meal-kit provider reported a smaller-than-expected decline in its core earnings. 

The meal preparation kit provider said first quarter revenue increased 5.3% to €2.02 billion from €1.92 billion a year ago. 

Active customers decreased 4.8% from a year ago but rose fractionally from the fourth quarter to 8.1 million and average order per customer held at 4.0. 

The company reiterated its revenue growth in constant currency between 2% and 10% and adjusted operating earnings between €460 million and €540 million. 

STMicroelectronics NV declined 4.2% to €40.45 after the Switzerland-based advanced electronics  company announced quarterly results ahead of market expectations. 

The company said revenue in the first quarter increased 19.8% to $4.2 billion and net income soared 39.8% to $1.04 billion from $747 million and diluted earnings per share increased to $1.10 from 79 cents a year ago. 

The company forecasted second quarter revenue of $4.28 billion with a band of $350 million, a sequential increase of 0.8%, and gross margin of 49.0% with a band of 200 basis points.  

Schneider Electric SE increased 2.4% to €155.60 after the French multinational company reported first quarter results and lifted its 2023 outlook. 

Revenue in the first quarter increased 12.3% to €8.5 billion, driven by 34.2% increase in sales in North America to €2.4 billion and 13.2% increase to €1.6 billion in Western Europe.  

Unilever PLC gained 1.9% to 4,455.0 pence after the consumer products maker reported higher-than-expected first quarter sales despite the worries of higher prices. 

Weir Group Plc decreased 1.0% to 1,874.0 pence after the Scottish engineering company reiterated its 2023 outlook.