European stocks rose on Friday, after the strong results of the “Richemont” group boosted the performance of the luxury goods sector, while investors were assessing inflation data in France and Spain, in search of clues about the European Central Bank’s plans to raise interest rates.
In terms of inflation data, consumer prices in Spain rose 4.1 percent in the twelve months to April, while inflation in France increased 6.9 percent, both in line with expert estimates.
stock performance
The pan-European Stoxx 600 index rose 0.4 percent by 0718 GMT, and is heading for slightly positive results for the week as a whole.
Shares of luxury goods group Richemont jumped 5.5 percent, to a record high, supported by better-than-expected results, after strong demand from Chinese consumers for jewelry and watches boosted net profit and sales in the 12 months to March.
Other luxury goods companies, such as Kering and LVMH, rose more than 1 percent.
Shares of troubled Swedish real estate company SBB, whose shares recently fell due to debt concerns, rose 2.9 percent after selling most of its shares in construction company JM for 2.8 Swedish crowns ($275.8 million). JM, 2.6 percent.
French bank Societe Generale rose 0.3 percent after posting better-than-expected quarterly revenue.
2023-05-12 10:17:29
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