european stocks were lower friday as investors reacted to disappointing results from heavyweights amazoncom inc and apple inc germanys dax underperformed falling 08 after gross domestic product data from the eurozone showed germanys economy grew 18 quarteronquarter in the third quarter  less than expected analysts noted that growth seems to be slowing in germany the largest economy in europe as it fails to keep pace with the likes of france and gdp remains 1 below prepandemic levels strong corporate earnings have helped investors shake off concerns that weighed on stocks in the month preceding earnings season while markets were jittery about how supplychain disruptions would impact company profits by and large it hasnt stopped earnings from overwhelmingly beating analyst expectations but that wasnt true for technology heavyweights apple and amazon which reported results after the close thursday  and it has hurt investor sentiment as we head into the end of the week and the month we could well see a bit of a pullback after both amazon and apple missed expectations after the bell both selling off sharply as they blamed higher costs and supplychain disruptions said michael hewson an analyst at broker cmc markets with earnings having captured much of the spotlight this week focus after the weekend is likely to fall on the next meeting of the federal open market committee its largely expected that the central bank will announce that it will begin slowing or tapering its covid19 pandemicera program of monthly asset purchases which add liquidity to markets and markets could react to any substantial updates bbvas thirdquarter earnings were robust and shares should react positively to the results renta 4 banco equityresearch analyst nuria alvarez said the spanish lenders net profit increased 23 compared with the same period last year to eur14 billion above consensus estimates as the bank booked lower provisions positive dynamics in revenue compensated for the rise of operating expenses in emerging markets she said air franceklm was trading higher on friday after the francodutch airline posted a positive operating result in its third quarter and guided for positive earnings before interest taxes depreciation and amortization in 2021 at 0917 gmt shares at air franceklm were 33 higher air franceklm said that news of the reopening of the us borders for vaccinated european travelers as well as the recent reopening of singapore and canada boosted bookings daimler rose 18 in frankfurt after the automobile maker whose brands include mercedesbenz reported higher quarterly profit despite disruptions from the global chip shortage italys economy grew strongly in the third quarter on the back of the easing of pandemic restrictions during the summer the eurozones thirdbiggest economy grew 26 on quarter following 27 growth in the second quarter the italian statistics agency istat said friday in a first estimate for the period economists polled by the wall street journal had forecast a 20 expansion the economy grew on the back of a recovery in industry and services from the demand side there was a positive contribution by the domestic component net exports also drove growth istat said the french economy registered a strongerthanexpected expansion in 3q but growth is expected to moderate significantly in the last three months of the year ings economist charlotte de montpellier said at the end of september the eurozones secondlargest economy had almost recovered to its prepandemic output level of 4q 2019 she said however the strong 3 onquarter growth rate experienced in 3q will likely be the highest this year and the next one de montpellier said i in 4q supplychain problems have intensified and will hit businesses while rising inflation and higher energy prices will also play havoc with households and impact consumption she said ing expects gdp quarterly growth of less than 1 for 2021 4q and for all quarters of 2022 stock futures declined after quarterly reports from apple and amazoncom showed that supplychain problems and tight labor markets are hitting even some of the biggest corporate winners of the pandemic overall strong earnings have supported a stock rally this month about 82 of the sp 500 companies that have posted results this reporting season have beaten analysts earnings expectations according to factset data from early thursday companies including chevron colgatepalmolive and exxon mobil are slated to report earnings before the market opens us consumer spending data due out at 830 am et is expected to show an increase in september driven both by higher prices and higher demand the euro could rise against the dollar on potentially strong thirdquarter eurozone economic growth data and monthend flows from the rebalancing of investors portfolios unicredit said we expect firm 3q21 gdp growth numbers across the eurozone this morning compared to the bleak performance of the us economy that emerged yesterday unicredit analysts said noting that thirdquarter us economic data also missed expectations thursday moreover a very large amount of usd was bought in recent weeks according to imm statistics and it is the end of the month two factors that have the potential to amplify the usd adjustment insight investment expects us inflation to moderate and believes that an interest rate rise by the federal reserve is unlikely before the end of 2022 or early 2023 said portfolio manager scott ruesterholz because the growth slowdown is led by supply shortages and not waning demand we believe the fed will be inclined to look through it and announce a taper next week he said insight investment is of the view that inflationary pressures are at or near their peak though just as it may take over a year for supply chains to normalize fully it will similarly take some time for inflation to normalize he said expecting inflation to stay above 3 into next summer the message from the ecbs meeting on thursday was that the current transitory factors pushing up inflation will diminish next year bringing inflation back below target but markets were left wanting more said mizuho the kneejerk reactionwith eurozone government bonds massively selling offwas that ecb president christine lagarde wasnt dovish enough mizuho said implying that market had hoped for more signals that policy tightening wont come fast however the quick retracement in bunds indicated that the messages related to the ecbs inflation projects have been heard mizuho added the performance potential for portuguese government bonds has been exhausted dz bank analyst sebastian fellechner said after portugals parliament rejected the 2022 budget draft earlier this week portugal is thus sliding into a political crisis that is hitting the country at the worst possible time he said against this backdrop dz bank prefers spanish government bonds to their portuguese peers pointing to the far from balanced riskreward profile of portuguese bonds portuguese bonds showed only a marginal initial reaction to the budget draft rejection however portuguese bonds along with italian ones were underperforming their eurozone peers in a broadbased selloff during the ecbs meeting thursday turkish central bank governor sahap kavcioglus argument that recent interest rate cuts will help stabilize the lira and curb inflation by improving the current account deficit could prove disastrous commerzbank said we are thoroughly skeptical of such an unconventional approach not only do we emphasise that only prudent monetary policy will be able to tame inflation there are clear holes in the unconventional script itself commerzbank currency analyst tatha ghose said when lira depreciation creates high inflation exports or the real economy dont benefit in any way because the real exchange rate isnt weakening he said kavcioglu expressed his view on thursday when he unveiled the latest inflation report oil prices rose with both benchmarks on course for gentle weekly losses amid rising inventories and easing pressure on the energy basket after president putin ordered gazprom to increase gas flow to europe those gains come after reports that the opec joint technical committee revised its oil market balance for q4 from an undersupply of 670000 barrels a day to an undersupply of 11 million barrels a day according to dnb marketss helge andre martinsen opec meets next week as cop26 gets underway metals prices fell as chinas efforts to tamp down rising coal prices continue to alleviate concerns that metals supply would be hampered by high energy prices beijings efforts have sparked a selloff in coal which in turn spilled over into both chinas nonferrous and ferrous markets as the thinking was that with increased coal and power supply metals production could rampup said ed meir a metals consultant at edf man copper is still set for a monthly gain of roughly 7 thanks to low inventories levels which have offset the concerns about the global gas crunch eurozone inflation rises at the fastest pace in 13 years the annual rate of inflation in the eurozone accelerated in october at the fastest pace since july 2008 due to rising energy prices supply constraints and strong consumer demand consumer prices rose 41 on year in october according to a first estimate released friday by eurostat the european unions statistics agency prices rose 34 on year in september germanys economy grew in the third quarter according to a first estimate published friday by the federal statistical office but missed expectations