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Pin to quick picksLVMH Share News (MC.PA)

Share Price Information for LVMH (MC.PA)

Euronext Paris
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Share Price: 713.00
Bid: 686.00
Ask: 694.00
Change: 0.30 (0.042%)
Spread: 8.00 (1.166%)
Open: 720.00
High: 723.00
Low: 711.10
Prev. Close: 707.20
MC.PA Live PriceLast checked at -
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Europe's STOXX 600 at all-time high as China-exposed firms revel in stimulus boost

Fri, 27th Sep 2024 17:32

STOXX 600 up 0.5% to round out best week since August

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Italy's Moncler surges after LVMH buys stake

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Denmark's Novo Nordisk falls as JPM predicts soft Q3 results

Sept 27 (Reuters) - Europe's STOXX 600 share index closed at a record high on Friday as companies and sectors exposed to China continued to rally after Beijing unveiled a raft of stimulus measures this week, with luxury firms amongst the biggest gainers.

The pan-European STOXX 600 closed up 0.5% at 528.08, taking its gains for the week to more than 2%.

China-exposed sectors such as automakers and chemicals were among the biggest risers, each jumping more than 2%, reflecting the importance of the country to European companies.

China's central bank lowered interest rates and injected liquidity into the banking system as Beijing assembled a last-ditch stimulus assault to pull economic growth back towards this year's roughly 5% target.

"(China) sent a clear signal that stimulus will be stepped up across the board and turning the economy has the number one priority now," analysts at Danske Bank said.

"It is the biggest round of stimulus since the current crisis started three years ago and could turn out to be China's 'whatever-it-takes' moment."

Luxury firms LVMH and Richemont gained 3.7% and 2.7%, respectively.

A gauge of 10 of Europe's biggest luxury firms added 2.6% , lifting its weekly gain above 13%, the most since the index was created in 2016.

Moncler also rose 10.9% after French rival LVMH took a small stake in the Italian outerwear specialist.

Inflation eased more than expected in two of the euro zone's biggest economies, France and Spain, this month and the German jobs market continued to cool, adding to an already substantial case for the European Central Bank (ECB) to cut borrowing costs again next month.

Major brokerages, including Goldman Sachs and JPMorgan, now expect the ECB to deliver a quarter-point cut at its Oct. 17 meeting.

Yields on euro zone government bonds, which move inversely to prices, fell on Friday.

Among other stocks, index heavyweight Novo Nordisk fell 4.6%, with two analysts pointing to JPMorgan's third quarter preview note that predicted the Danish drugmaker's results would fall short of consensus.

Britain's Cranswick jumped 6.7% after the meat producer forecast its annual profit towards the upper end of the market view.

(Reporting by Pranav Kashyap and Shashwat Chauhan in Bengaluru; Editing by Sherry Jacob-Phillips, Kirsten Donovan)

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