The STOXX 50 rose 0.9% and the STOXX 600 gained 0.6% on Thursday, in line with a rise in global equities. The rally was driven by optimism following the U.S. CPI report, which reinforced expectations that the Federal Reserve has room to continue cutting interest rates this year. Meanwhile, traders were also focused on corporate results, with Richemont shares jumping more than 15% after the luxury company reported a 10% jump in Q3 sales.
The luxury sector received a boost from the news, with LVMH (8%), Kering (9%), Moncler (7.6%) and Hermes (5.1%) surging. ASML Holding (3.5%), L'Oreal (2.6%) and EssilorLuxottica (1.1%) also rose. Rio Tinto shares also rose 1% after the company released strong production results for Q4. On the other hand, Whitbread fell around 0.7% after reporting a 1% drop in sales. (AL)
Source: Trading Economics
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