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Pin to quick picksLVMH Share News (MC.PA)

Share Price Information for LVMH (MC.PA)

Euronext Paris
Share Price is delayed by 15 minutes
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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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Stocks knocked by earnings reality check; dollar firm

Wed, 16th Oct 2024 13:20

Grim ASML outlook hits chip stocks

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Luxury giant LVMH result disappoints, cites weak China spending

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Dollar near two-month high on measured rate-cut bets

LONDON, Oct 16 (Reuters) - Global stocks fell on Wednesday after gloomy results from European heavyweights LVMH and tech company ASML dented sentiment, while the dollar gained as investors banked on a more moderate decline in U.S. interest rates.

Investors have grown increasingly likely to punish shares for earnings misses and Wednesday was no exception in Europe.

ASML, whose customers include TSMC and Samsung , delivered a gloomy sales forecast for 2025 on Tuesday, saying the semiconductor market beyond AI has been weaker for longer than expected. Its shares fell by the most in nearly 30 years in late trading and sank another 2.5% on Wednesday.

Meanwhile, shares in LVMH, considered a play on the Chinese consumer almost more than anything else, tumbled by the most in a year after reporting weaker than expected third-quarter sales. With the optimism over China's recent stimulus measures quickly waning, the results were not what investors wanted to see, leaving Paris' CAC 40 down 0.5% and the STOXX 600 down 0.2%.

A Bloomberg News report overnight that U.S. officials have been considering implementing a cap on export licences for AI chips to specific countries added to pressure on the chip sector. It left indices in Japan, Taiwan and South Korea - all home to major chip firms - down 1.7%, 1.2% and 0.6% respectively. Nvidia shares were up around 0.5% in the premarket, having slid over 5% after hours.

S&P 500 and Nasdaq futures were flat, pointing to a more stable open on Wall Street later, after Tuesday's declines in the major indices .

Pepperstone market strategist Michael Brown said dips could prove to be good buying opportunities.

"Providing that banks prove a reliable barometer for earnings season more broadly, solid earnings growth, coupled with resilient economic growth, should continue to power the market higher. This is particularly the case with the forceful Fed put providing additional confidence allowing participants to remain further out the risk curve," he said.

With stocks within a whisker of record highs and valuations looking pricey, analysts said there was plenty of scope for volatility, not least because of the political backdrop.

Matt Simpson, senior market analyst at City Index, said investors are likely questioning how exposed to risk they really want to be, given there are risk events and a U.S. election looming on Nov. 5.

"I expect investors to become increasingly twitchy as we head towards November 5th, and keen (to) book profits at frothy levels."

RISING DOLLAR

On the macro side, data earlier on Wednesday showed British inflation slowed more than expected last month, cementing expectations for the Bank of England to cut rates at least once, if not twice, this year.

The pound fell below $1.30 for the first time in two months, to $1.3032, while UK stocks got a lift, pushing the FTSE 100 up 0.7% on the day.

The outlook for Federal Reserve monetary policy is at the heart of the strength in the dollar right now.

Traders are pricing in around 46 basis points (bps) of rate cuts this year. Less than a month ago, after the Fed lowered rates by half a point, the expectation was for nearly 80 bps in cuts.

As a result, the dollar has surged in recent weeks, with the U.S. dollar index, which measures the U.S. currency against six others, at 103.23, near its highest since early August.

The euro traded around two-month lows and was last at $1.08945 ahead of the European Central Bank policy meeting on Thursday, at which the central bank is largely expected to cut rates again.

Oil prices extended the previous day's 5% drop, as investors contend with uncertainty around the conflict in the Middle East and what it means for global supply.

Brent crude oil futures fell 0.6% to $73.78 a barrel, while U.S. futures lost 0.7% to trade at $70.12.

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6 Apr 2023 13:02

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15 Mar 2023 17:15

European shares clock worst day in a year, Credit Suisse hits new record low

Banks log worst day in over a year

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European shares dip after Powell's hawkish remarks fuel rate hike fears

Powell: Need to raise rates and possibly go faster

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3 Mar 2023 17:17

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24 Feb 2023 11:00

European thirst for tequila aggravates agave crunch

LONDON/MEXICO CITY, Feb 24 (Reuters) - He can't pour tequila fast enough. Premium shots. Margaritas. Palomas. The occasional sunrise.

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16 Feb 2023 17:44

French stocks scale record highs to lift pan-European index

STOXX 600 up 0.2%

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16 Feb 2023 13:30

Stocks rise as data tempers recession worries

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15 Feb 2023 17:35

France's blue-chip index powers gains in European shares

STOXX 600 ends up 0.4%

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13 Feb 2023 11:07

Love in a time of inflation: how much will Valentine's Day set you back?

LONDON, Feb 13 (Reuters) - This Valentine's Day is set to look different after a year of record food inflation that has sent up prices of everything from flowers to chocolates and dining in restaurants.

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13 Feb 2023 06:00

Love in a time of inflation: how much will Valentine's Day set you back?

LONDON, Feb 13 (Reuters) - This Valentine's Day is set to look different after a year of record food inflation that has sent up prices of everything from flowers to chocolates and dining in restaurants.

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7 Feb 2023 12:41

The stocks with significant upside - BofA

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European shares fall as strong U.S. data stokes rate hike jitters

STOXX 600 off 0.8%

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31 Jan 2023 07:00

Europe's luxury stocks have room to rise, but becoming costly

LONDON, Jan 31 (Reuters) - Europe's glittering luxury companies, the region's top stock-market performers in 2023, may see yet more gains driven by a rebound in Chinese spending, but for some the sector is starting to look expensive.

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