Recent Improvement in Eurozone Business Surveys Comes to Halt — Market Talk

US equity markets edged higher before Friday's opening bell as traders await fresh cues to trigger market direction.

Standard & Poor's 500 was slightly in the green while the Dow Jones Industrial Average and the Nasdaq increased 0.1% each in premarket activity. The majority of Asian exchanges were trending upwards, while European bourses were heading north midday on the continent.

Shares of Celsius jumped 32% pre-bell as the beverage company agreed to acquire energy drink maker Alani Nutrition in a cash-and-stock deal worth about $1.8 billion and reported better-than-expected fourth-quarter results. Rivian Automotive declined 3.9% following the electric vehicle maker's quarterly report.

United States Cellular , Telephone and Data Systems , TXNM Energy and Brady are scheduled to release their latest results before the bell, among others.

On the economic calendar, the purchasing managers' index report from S&P Global (SPGI) for February posts at 9:45 am ET, followed by the existing home sales report for January at 10 am. The final University of Michigan consumer sentiment report for this month and the fourth-quarter services survey are also scheduled to be released at 10 am.

The weekly Baker Hughes domestic oil-and-gas rig count is due at 1 pm. Federal Reserve Vice Chair Philip Jefferson and San Francisco Fed President Mary Daly are slated to speak at 11:30 am.

Before the opening bell, bitcoin ticked up 0.1% to $98,659, West Texas Intermediate crude oil slipped 1% to $71.77 a barrel, yields on 10-year Treasuries retreated 1.3 basis points to 4.49% and gold decreased 0.3% to $2,947 an ounce.

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Japan's private sector extended improvement into February, with contributions from both its manufacturing and service industries, S&P Global reported on Friday.

Japan's flash composite purchasing managers index (PMI), a combination of the nation's factory and service sectors, rose to 51.6 in February, up from 51.1 in January, and edging further above the 50-marker that separates growth from contraction, reported S&P Global, citing its monthly survey.

"Japan's private sector experienced stronger expansion at the midpoint of the first quarter, with the composite output index reaching its highest level in five months," said S&P Global.

The headline flash Japan manufacturing PMI rose to 48.9 in February from 48.7 "to signal a modest, but slightly softer deterioration in manufacturing operating conditions," advised S&P Global.

The rate of decline in both factory output and new orders eased in February, though weakness in the sector pushed factory managers to trim payrolls for the first time since November, added S&P Global.

The flash Japan services PMI logged at 53.1 in February, up marginally from 53.0 in January. The month's results "indicated that business activity rose for the fourth month running and at the strongest rate since last September. There was also a sustained expansion in new business," said S&P Global.

In February, service providers "also raised their employment levels for the 17th month in a row, which allowed them to remain on top of existing workloads," advised S&P Global.

However, service sector managers were less optimistic in February.

"Confidence around the year-ahead weakened notably in February

to the lowest since January 2021, as firms expressed concerns that inflationary pressures and labor shortages could weigh on service

sector activity over the next 12 months," explained S&P Global.

The flash Japan PMI report was compiled by S&P Global from surveys sent to 400 manufacturers and 400 service providers from February 10 through February 19.

German elections are fueling hopes for a fresh start in economic policy. Mid- and small-cap stocks would especially benefit if elections resulted in a stable two-party alliance, DZ Bank analyst Soren Hettler says in a note. A government able to act decisively could boost the domestic economy, which is key for Germany's second-tier companies. MDAX midcap companies generate around 25% of their turnover in Germany and SDAX small-cap companies almost 40%, Hettler says. The MDAX and SDAX have risen about 8% and 9% respectively since the start of the year, while the DAX blue chip index is up about 13%. (sarah.sloat@wsj.com)

European bourses tracked moderately higher midday Friday as traders braced for weekend national elections in Germany and digested a strong earnings report from internet-commerce giant Alibaba (BABA).

Food and tech stocks led broad gains while oil issues lagged.

Investors also eyed Wall Street futures mildly signaling green and a 4% rise overnight in Hong Kong's Hang Seng Index after Alibaba's quarterly results topped expectations, triggering a tech-sector rally.

In economic news, the flash Eurozone composite purchasing managers index (PMI) logged at 50.2 in February, unchanged from January and still marginally above the 50-marker that separates growth from contraction, reported S&P Global.

The pan-continental Stoxx Europe 600 Index was up 0.6% mid-session.

The Stoxx Europe 600 Technology Index was up 0.9%, and the Stoxx 600 Banks Index gained 0.6%.

The Stoxx Europe 600 Oil and Gas Index was off 0.4%, and the Stoxx 600 Europe Food and Beverage Index inclined 1.6%.

The REITE, a European REIT index, rose 0.7%, and the Stoxx Europe 600 Retail Index inclined 0.7%.

On the national market indexes, Germany's DAX was up 0.3%, and the FTSE 100 in London was up 0.2%. The CAC 40 in Paris was up 0.7%, and Spain's IBEX 35 gained 0.1%.

Yields on benchmark 10-year German bonds were lower, near 2.49%.

Front-month North Sea Brent crude oil futures were down 0.9% to $75.83 per barrel.

The Euro Stoxx 50 volatility index was down 1.4% to 17.28, indicating below-average volatility for European stock markets in the next 30 days, a positive signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

The BSE Sensex closed about 0.6% down at 75,311 on Friday, its lowest level since early June an marking the fourth straight session of losses, dragged down by shares of banking, financial, pharma and automobile companies.

Market sentiment remained downbeat, with rising concerns over potential US tariffs on Indian goods leading to capital outflows.

On the domestic economic front, India’s private sector output reached a six-month high in February, driven by a sharp expansion in services activity, according to the latest HSBC Flash PMI data.

For the week, the index posted a 0.9% fall, marking its second consecutive decline amid persistent concerns over a potential global trade war.