European stocks closed near the flatline on Wednesday (September 24), extending the relatively subdued movement in equity markets this week, as weakness among major luxury brands offset modest gains in other sectors.
The Eurozone STOXX 50 and the pan-European STOXX 600 were both flat on the session. Luxury brands reversed their strong momentum from yesterday to close sharply lower, with LVMH, Hermes, Ferrari, L'Oreal, and EssilorLuxxotica all down between 3% and 1.5%.
Meanwhile, companies in the crude oil exploration and extraction sector rose sharply amid a rebound in benchmark prices, with ENI and TotalEnergies up 2%. Additionally, defense stocks rose after US President Trump hinted that Ukraine might regain territory lost since the Russian invasion in 2022. Leonardo, Thales, SAAB, and Rheinmetall jumped between 3% and 6%. (alg)
Source: Trading Economics
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