Europe markets close higher as earnings come into focus; Kering down 6%
European markets closed higher on Wednesday as investors in the region monitored a series of corporate earnings releases.
The pan-European Stoxx 600 was 0.5% higher for the trading day, with the technology sector leading gains by 2% and recouping most losses from earlier in the week.
Truck makers Daimler Trucks, Iveco and Volvo were among the top 10 risers in the index after the latter reported a 24% increase in order intake in Europe and U.S for the fourth quarter of 2024.
Dutch semiconductor equipment maker ASML’s shares ended the day 5.6% higher after it reported better-than-expected net sales and profit for the fourth quarter. Net bookings, a key indicator of order demand, rose 169% from the previous quarter.
The world’s largest luxury company LVMH also outperformed sales forecasts in earnings published after the market close Tuesday. However, sales declines in some of the firm’s crucial divisions, including fashion and wines and spirits, did little to convince investors of an imminent recovery in the luxury goods sector.
LVMH’s Paris-listed stock fell 5%, while fellow luxury goods stock Kering shed 6% to tumble to the bottom of the Stoxx 600.
Source: CNBC
