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Home / Business / Car and clothing manufacturers increase European stocks, while US stock futures are struggling

Car and clothing manufacturers increase European stocks, while US stock futures are struggling



The photo, taken on November 19, 2019, shows the exterior of the former Samaritaine shopping center in Paris, owned by LVMH – Moet Hennessy Louis Vuitton group.

Martin’s office / Agence France-Presse / Getty Images

European stocks resumed on Friday thanks to the positive results of LVMH Moët Hennessy Louis Vuitton and Daimler, while US stock futures also rose as investors expected data on retail sales.

Index Stoxx Europe 600 SXXP,
+ 0.44%
rose 0.8% to 365.78, after closing 2% on Thursday, the biggest one-day drop since Sept. 21. The index moves to a weekly loss of just over 1%. German DAX DAX,
+ 0.30%
increased by 0.6%, the French CAC 40 PX1,
+ 0.87%
rose 1.4% and the FTSE 100 UKX,
+ 0.59%
rose by 1%.

US YM00 Futures Futures
-0.08%

ES00,
-0.01%

NQ00,
+ 0.14%
were slightly higher, after a weak finish on Thursday due to low job data and lack of progress on the coronavirus aid package. Retail, industrial and consumer sentiment surveys are ahead in the US on Friday.

Investors are still concerned about the growing number of coronavirus cases in both the United States and Europe, as well as the impact they have on the economy. This week, several European countries were forced to tighten restrictions, including a curfew in Paris and bans on various households gathering in London.

Politics also remains a topic in London, where Prime Minister Boris Johnson was due to make a statement on Friday on whether Britain would resume Brexit talks with the EU after this week’s fruitless summit.

European Commission President Ursula von der Leyen left the summit on Thursday afternoon and is in quarantine after a member of its staff passed a positive test for COVID-19. She said she had a negative test for the virus.

The garment sector on Friday became the leading gain thanks to a 6 percent jump in shares of CAC 40 in the heavyweight LVMH Moet Hennessey LVMH,
+ 6.63%.
The luxury goods manufacturer reported significant growth in its Louis Vuitton and Dior brands, partially offsetting the sharp drop elsewhere.

This news raised the whole sector with the help of shares of Hermès International RMS,
+ 2.79%
and Burberry BRBY,
+ 2.99%
increased by 3%, and Kering KER,
+ 3.40%
increased by 2.7%.

The automotive sector also grew, driven by the 3% growth of the Daimler DAII,
+ 5.31%
shares after the German automaker announced preliminary profits for the third quarter, exceeding the market consensus, and said it expects a strong balance by 2020.

According to the data, the number of car registrations in the European Union increased for the first time in a year in September, growing by 3.1%. However, the situation in the region is ambiguous, with gains in Germany and Italy, but in France and Spain it is declining. Renault RNO,
+ 3.06%
shares rose 1% in Paris.

And Volvo VOLV.B,
+ 0.50%
reported better-than-expected net income in the third quarter due to a resumption of demand for trucks and construction equipment. Shares rose 3%.

The best gainer for Stoxx 600, Thyssenkrupp TKA,
+ 14.39%
shares rose 16%. The international industrial and metallurgical group based in the UK, Liberty House, may announce an application for participation in the unprofitable steel division Thyssenkrupp on Friday, according to the Financial Times, citing sources.


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