Europe: luxury goods support further rally
The share price of the Swiss luxury goods group - owner of Cartier and Van Cleef & Arpels watches - stood out in Zurich, soaring 16%, hailed for the announcement of the highest quarterly sales in its history, up 10% to 6.2 billion euros.
Richemont recorded 'double-digit growth in the Americas, Europe, the Middle East, Africa and Japan', as well as a 'slowdown in decline in Asia-Pacific despite continuing difficult demand in China'.
In its wake, it led the French luxury goods heavyweights (+9% for LVMH and Kering, +5% for Hermès) to Paris, where Renault (+4%) was also among the CAC40's top performers, in the wake of worldwide vehicle sales set to rise by 1.3% in 2024.
The craze for luxury goods is keeping European markets in good spirits, after positive signals on Wednesday from the US inflation front, with an unexpected drop in its underlying annual rate to +3.2% in December.
'With base effects a priori favorable next month, we can imagine this decline continuing into January. This is therefore good news for the Fed", commented Bastien Drut, Head of Strategy and Economic Research at CPRAM.
This afternoon, attention will turn to a new salvo of US data, including retail sales and import prices for last month, as well as the Philadelphia Fed's activity index for January.
Bank of America predicts: "We expect a solid December retail sales release, with the non-automotive and control group categories coming in at +0.6% and +0.5% month-on-month respectively".
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