Exxon Mobil (-1.6%) was one of the most mentioned companies in the U.S. across all news items on Friday afternoon, according to Factiva data. The company posted profit of $8.6 billion in the third quarter, down 5% from the same period last year. The oil major reported earnings per share of $1.92, beating analysts' estimates of $1.87, according to FactSet. Revenue of $90 billion came in below analyst expectations of $93.9 billion. Exxon Mobil also announced it increased its fourth-quarter dividend by 4% to $0.99 per share. Exxon’s dividend yield is now 3.4%, which puts it below competitors like Chevron, whose yield is 4.2%, and Shell, whose yield is 4%. That’s largely because Exxon’s stock has outperformed this year, rising 15% even as the broader industry is flat. The larger problem is that oil and natural-gas prices have been falling and could be headed even lower. Exxon relied on higher output to offset the weakness in oil prices, which have fallen around 11% over the past six months. The company reported its highest liquids production level in more than 40 years, producing 3.2 million barrels a day. Exxon recently completed an acquisition of Pioneer Natural Resources - a top Permian Basin producer. The company is on track to grow its total global oil and gas-equivalent production to 4.9 million barrels a day by the end of next year, from 3.8 million at the end of 2023, analysts say.

Swiss equities recouped a good part of their previous day's losses on Friday. In Switzerland, domestic inflation data came as a positive surprise. Goldman Sachs commented that a rate cut of 50 basis points is possible at the interest rate decision in December due to the slowdown in inflation and the dovish outlook of the Swiss National Bank after the meeting in September. According to the US investment bank, a further interest rate cut of 25 basis points could follow in March. The SMI gained 1.5 per cent to 11,967 points. Of the 20 SMI stocks, 19 posted price gains. The only loser was the Geberit share. A total of 17.13 (previously: 24.62) million shares were traded. Among the individual stocks, Swisscom shares, which sold off sharply on Thursday after the presentation of its figures, saw some opportunistic buying; the share price climbed by 1.2 per cent. By contrast, investors took profits on Geberit (-1%). The shares had risen sharply the previous day in response to the sanitary ceramics provider's good figures and were the only SMI stock to close higher. The recent declines among the index heavyweights were also used to re-enter the market. Nestlé increased by 1.4 per cent, Novartis by 1.8 per cent and Roche by 1.9 per cent. The day's winner in the SMI was the Lonza share, which is considered rather defensive and advanced by 3.1 per cent.

Europe
The European stock markets closed higher on Friday, as investors digested this week's numerous corporate publications and weaker-than-expected job creation figures in the United States. At the close, the Stoxx Europe 600 index gained 1.1%. In Paris, the CAC 40 and SBF 120 both rose by 0.8%. The DAX 40 in Frankfurt advanced by 0.9%, while the FTSE 100 finished 0.8% higher in London. Société Générale (+3.4%), having unveiled its results on Thursday morning before trading, continues to attract investors, who appreciate the group's improved performance in retail banking in France. Retailer Casino (+1%) reported a further fall in third-quarter sales on Thursday evening, as the group continues to restructure against a backdrop of sluggish consumer spending. Para-petroleum services group Viridien (-4.1%) on Thursday confirmed its targets for the current year, while the results of the former CGG were penalised in the third quarter by a decline in its seismic acquisition business. Universal Music Group (+1.6%) posted third-quarter sales up 4.3% year-on-year on a reported basis on Thursday evening. Subscription revenues jumped by 7.6% year-on-year, while streaming revenues were down by 0.8% year-on-year. All three indicators exceeded analysts' expectations.

United States
A big day for shares of Intel and Amazon. com drove U.S. stocks higher, capping a topsy-turvy week with gains. All three major indexes shrugged off a disappointing October jobs report, with gains accelerating during the session. Intel shares added 7.8% after it reported one of its largest losses ever but offered guidance for sales growth in the current quarter that surpassed expectations. Amazon shares jumped 6.2% after the company reported strong revenue and profit growth in the third quarter. The combination helped stocks recover some of their losses from the previous session, when concerns about results from Meta and Microsoft helped drag the tech-heavy Nasdaq Composite to its worst day in almost two months. The angst moderated Friday, with many investors stepping in to buy the dip. The Nasdaq gained 0.8%. The S&P 500 rose 0.4%. The Dow Jones Industrial Average added 289 points, or 0.7%. Apple shares dragged on the Dow industrials, slipping 1.2%, even after the iPhone maker reported record revenue for the last quarter. Shares of Donald Trump’s social-media startup slid for the third consecutive day, extending a bout of volatility entering election week. Trump Media & Technology stock ended down about 14%, bringing its drop over the last three days above 35%. Shares of Super Micro Computer dropped 11%, bringing losses for the week to 45% after Ernst & Young resigned as the company’s auditor and said it could no longer rely on management’s representations.

Asia
In Asia, major indexes broadly closed with gains on Monday. The day's winner in the region is Seoul, with the leading Kospi index in the South Korean capital rising by 1.3 per cent. The indices in Shanghai (+0.3%) and Hong Kong (-0.1%) are lagging slightly behind. There is no trading in Japan, where the ‘Day of Culture’ is being celebrated. Car stocks are among the day's winners. BYD gained 3.8 per cent, Geely 3.0 per cent, Brilliance 5.2 per cent and Great Wall Motor 3.7 per cent. Ningbo Tuopu increased in price by 2.8 per cent. In Seoul, shares in the travel sector rallied strongly after China proposed visa-free access for nine more countries. Jeju Air jumped 6.7 per cent and Korean Air Lines rose 3.2 per cent. Hana Tour Service climbed over 6 per cent.

Bonds
Long-dated U.S. government debt yields ended at their highest levels since early July on Friday as traders looked past October’s nonfarm-payrolls report, which came in well below expectations. The 10-year Treasury note yield ended up 10 basis points at 4.386%. The 2-year Treasury note yield rose by 5 basis points to 4.218%.

Analysis
UBS upgrades Shell target to GBP 2,800 (2,750) - Neutral
Target price Avolta: Goldman Sachs lowers to CHF 41 (44) - Neutral
UBS downgrades STMicroelectronics target to EUR 34 (38) - Buy

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