Global stock markets surged following reports of easing U.S. inflation, bolstering hopes for Federal Reserve interest rate cuts. Strong earnings from key corporations such as Richemont and Taiwan Semiconductor further fueled the rally.
European luxury stocks jump
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Europe markets close higher; Richemont up 16% on quarterly results, boosting luxury sector
European Stocks Gain as Richemont’s Sales Jump Lifts Luxury
European stocks rose to the highest level in over a month on Thursday, lifted by the luxury and technology sectors as a double-digit jump in Richemont’s sales and an upbeat outlook by Taiwan Semiconductor Manufacturing Co.
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European equities rise overall as TSMC guides strong and Richemont gives luxury stocks a surge
Wall Street equities finished lower Thursday following a mixed US retail sales report, while European luxury stocks pushed higher following strong results from Cartier owner Richemont. The Paris stock market surged more than two percent after Cartier owner Richemont reported record quarterly sales.
European stocks extended gains on Friday, after having hit their highest level in a month the previous day on the back of strong
European stock markets continued their climb, with the DAX repeatedly reaching new highs this week. Performance was driven by expectations of loosening monetary policy and strong corporate quarterly earnings.
British equities were broadly higher on Thursday, building on their strong gains seen in the last session as markets eyed potential interest rate cuts by the Federal Reserve this year following an easing core inflation reading.
European shares rose nearly 1% on Thursday, with luxury stocks boosted by Richemont's upbeat earnings update and semiconductor firms making gains after TSMC reported record quarterly profit.
Rival LVMH jumped 7.8%, while a gauge of European luxury firms advanced 6.8%, set for its best day since 2022. The tech index, which houses the bulk of European chipmakers, advanced 1.4% after TSMC , the world's largest contract chipmaker, logged a record quarterly profit and said it expects hefty first-quarter revenue growth.
Bank of America and Morgan Stanley earnings are out. Follow along for live updates on stocks, bonds and other markets, including the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite.
Stocks rose on Thursday and the dollar softened as easing core U.S. inflation kept potential rate cuts by the Federal Reserve on the table, while the yen hit a one-month high on growing expectations the Bank of Japan could raise rates next week.
Bernard Arnault is outpacing Elon Musk and Mark Zuckerberg in wealth gain this year after signs of a rebound in luxury demand boosted LVMH stock.
The central bank said it had decided to leave the network after the group’s work “increasingly broadened in scope.”
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