Europe opens hesitant, supported by technology but under pressure from luxury goods
April 24, 2024 at 03:28 am EDT
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European stock markets were hesitant at the opening bell on Wednesday, following a salvo of corporate results.
In Paris, the CAC 40 was down 0.27% at 8,084.2 points at around 07:17 GMT, following Kering's results. In Frankfurt, the Dax gained 0.28%, compared with 0.21% for the FTSE in London.
The pan-European FTSEurofirst 300 index advanced by 0.21%, the EuroStoxx 50 by 0.16% and the Stoxx 600
was stable.
Futures on New York indices suggest a similarly mixed opening on Wall Street, with the Dow Jones expected to be flat, compared with a rise of 0.26% for the Standard & Poor's 500 and 0.7% for the Nasdaq.
European markets welcomed the results of ASM International, which jumped over 11% after reporting better-than-consensus orders.
On the other hand, Kering warned of a fall in first-half operating income, which weighed on the Group and put pressure on luxury goods stocks.
The only indicator expected from the eurozone on Wednesday is Germany's Ifo business climate at 08:00 GMT.
On the value side, semiconductor stocks are benefiting from ASM International's good results, expected to rise by 13.8% before the opening. In France, Soitec gained 3.21%, compared with 4.90% for STMicroelectronics. The tech sector was the best performer among the Stoxx 600 sectors, up 2.51%.
Kering fell back 9.42%, while LVMH and Hermes eroded 0.86% and 0.38% respectively. (Written by Corentin Chappron, 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%).