💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

European shares falter, LVMH results help luxury sector shine

Published 10/10/2017, 03:37 AM
Updated 10/10/2017, 03:40 AM
© Reuters. The German share price index, DAX board, is seen at the stock exchange in Frankfurt
PRTP
-
STOXX
-

LONDON (Reuters) - European shares dipped on Tuesday following a slightly weaker session on Wall Street as stocks tired from a streak of record highs, but strong results from luxury group LVMH helped support stocks across the consumer goods sector.

The STOXX 600 slipped 0.1 percent but held near three-month highs, after MSCI's global stock index touched a fresh all-time high in early deals.

Spain's IBEX lagged European peers, down 0.5 percent as investors awaited an address by Catalan independence leader Carles Puigdemont to the regional parliament at 1600 GMT.

Though the address, which investors fear may result in a declaration of independence, would be after the close, nerves hit shares in Caixabank and Banco Sabadell, the banks most exposed to Catalonia, which fell 0.7 to 1.1 percent.

Third-quarter results began trickling in, with a strong beat from LVMH driving stocks across the luxury and consumer sectors higher.

Shares in the world' biggest luxury group rose 1.8 percent after it beat sales and revenue forecasts in its third quarter, setting a high hurdle for European luxury peers to beat.

Luxury brands Christian Dior, Gucci owner Kering (PA:PRTP) and Moncler also gained, rising 1.6 to 1.8 percent after the robust performance from the group Bernstein luxury analyst Mario Ortelli said is a "bellwether" for the industry.

Swiss fragrance and flavors maker Givaudan gained 3.2 percent after the firm stuck to its 2020 targets and reported third-quarter sales up 5.7 percent, beating analysts' estimates.

© Reuters. The German share price index, DAX board, is seen at the stock exchange in Frankfurt

Dassault Aviation shares fell 3.3 percent, with traders citing comments from the CEO over delays to its Falcon 5X business jet.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.