Europe on a cautious note, Kering shines but H&M falls
June 27, 2024 at 03:58 am EDT
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The main European stock markets opened on a cautious note on Thursday, amid a wait-and-see attitude ahead of crucial US economic data on Friday, and with the market driven by Kering's rise and H&M's fall.
In Paris, the CAC 40 gained 0.17% to 7,622.26 points around 07:45 GMT, boosted in particular by Kering (+5%), which benefited from Bank of America upgrading its rating to "buy" from "underperform".
In London, the FTSE 100 fell by 0.12%, while in Frankfurt, the Dax advanced by 0.26%.
The EuroStoxx 50 index rose by 0.35%, the FTSEurofirst 300 by 0.03% and the Stoxx 600 by 0.1%.
The European retail sector dropped 2.1%, with H&M plunging more than 13% after reporting lower-than-expected quarterly results and warning of lower sales in June, casting doubt on its annual operating margin target.
The basic resources segment fell slightly (-0.5%), with Anglo American down 1.6% after Berenberg lowered its recommendation.
In Paris, OVHcloud gained 10.7% after reporting a 9% rise in third-quarter sales on Thursday, while Euroapi climbed 7.3% after publishing an update to its Focus-27 plan on Wednesday and forecasting a core ebitda margin of between 4% and 7% in 2024.
Beyond companies, attention remains focused on the release of US PCE inflation figures due on Friday, which are expected to influence the Federal Reserve's outlook for interest rate cuts.
Consumer price data from France, Spain and Italy are also due this week, and investors will also be paying close attention to the results of the first round of French parliamentary elections on Sunday evening.
(Written by Augustin Turpin, edited by Blandine Hénault)
A global Luxury group, Kering manages the development of a series of renowned Houses in Fashion, Leather Goods, and Jewelry: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, Dodo, Qeelin, Ginori 1735, as well as Kering Eyewear and Kering Beauté.
By placing creativity at the heart of its strategy, Kering enables its Houses to set new limits in terms of their creative expression while crafting tomorrow's Luxury in a sustainable and responsible way. It captures these beliefs in its signature: Empowering Imagination.
In 2023, Kering had 48,964 employees and restated revenue of EUR 19.6 billion.
At the end of 2023, the Group had a network of 1,771 stores under its own management, located primarily in Western Europe (367), North America (316), Japan (238), and in emerging countries (698).
Net sales are distributed geographically as follows: Western Europe (27.6%), Japan (7.2%), Asia/Pacific (35%), North America (23%) and other (7.2%).
KERING 
