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    CDI   FR0000130403


Real-time Euronext Paris  -  11:35 2022-07-01 am EDT
564.00 EUR   -0.35%
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European shares gain on defensives, but still down for the week

05/20/2022 | 04:56am EDT
German share price index DAX graph is pictured at the stock exchange in Frankfurt

* China cuts 5-year loan prime rate by 15 bps

* STOXX ends week lower, erases big declines from earlier

* Richemont cautious on China growth

* Other luxury stocks slide

May 20 (Reuters) - European shares rose on Friday, with a boost from defensive sectors after hopes of an economic recovery in major trading partner China were bolstered by more central bank stimulus, though they still ended the week in the red.

China's central bank cut its five-year loan prime rate by a larger-than-expected 15 basis points (bps), boosting global market sentiment even as COVID-19 cases in Shanghai climbed again.

Travel and tourism stocks, financial services , healthcare and utilities led gains in Europe, rising between 1.5% and 2.0%, lifting the pan-European STOXX 600 index 0.7%.

Over the week, though, the main index was down 0.5%.

"It is not surprising perhaps that we have a little bit of a bounce today given the good news from China overnight and as we have had some very negative days this week," said Jonathan Bell, chief investment officer at Stanhope Capital.

Global stock markets saw another volatile week as recession fears gripped investors after weak Chinese retail sales data and dismal results from big U.S. retailers highlighted the impact from surging inflation.

Over the week, European retail and food and beverage stocks lost 2.2% and about 5%, respectively, while miners outperformed, rising 4.4%.

Data on Friday showed British retail sales jumped unexpectedly in April, but the outlook for consumer spending remained resolutely downbeat.

Separate data showed a record rise in German producer prices last month, as the Ukraine war pushed up energy costs.

Euro zone money markets ramped up their bets on a 50-bp interest rate hike from the European Central Bank in July that would bring the bank's policy rate to 0%.

"We think these price pressures will continue to build in the coming months," said Andrew Kenningham, chief Europe economist at Capital Economics.

"That in turn informs our view that the ECB will want to move rapidly to tighten policy. We are forecasting a 25 bp rate hike in July, but as we argue here, there is a growing chance that the ECB kicks off with a 50 bp hike."

Luxury stocks took a hit as Richemont slumped 13.1%, after the company struck a cautious note over growth in China after its full-year profit disappointed.

The company also failed to report any meaningful progress in long-running talks about its "Luxury New Retail" partnership.

Other luxury brands such as Louis Vuitton owner LVMH , Christian Dior and Hugo Boss lost between 1.3% and 2.2%. (Reporting by Susan Mathew and Shreyashi Sanyal in Bengaluru Editing by Arun Koyyur and Mark Potter)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / EURO (AUD/EUR) -0.86% 0.65259 Delayed Quote.3.11%
BRITISH POUND / EURO (GBP/EUR) -0.19% 1.15833 Delayed Quote.-2.40%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.40% 0.744369 Delayed Quote.6.71%
CHRISTIAN DIOR SE -0.35% 564 Real-time Quote.-22.47%
COMPAGNIE FINANCIÈRE RICHEMONT SA -1.38% 100.25 Delayed Quote.-25.78%
HUGO BOSS AG -0.08% 50.32 Delayed Quote.-5.87%
INDIAN RUPEE / EURO (INR/EUR) 0.61% 0.012169 Delayed Quote.2.90%
LVMH MOËT HENNESSY LOUIS VUITTON SE -0.29% 580 Real-time Quote.-19.99%
US DOLLAR / EURO (USD/EUR) 0.75% 0.961298 Delayed Quote.8.85%
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Sales 2021 64 215 M 67 128 M 67 128 M
Net income 2021 4 946 M 5 170 M 5 170 M
Net Debt 2021 23 864 M 24 947 M 24 947 M
P/E ratio 2021 26,6x
Yield 2021 1,37%
Capitalization 102 B 107 B 107 B
EV / Sales 2020 2,21x
EV / Sales 2021 2,42x
Nbr of Employees 146 171
Free-Float 2,33%
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