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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: 702.00
Bid: 701.90
Ask: 702.10
Change: 14.20 (2.065%)
Spread: 0.20 (0.028%)
Open: 698.80
High: 708.50
Low: 694.50
Prev. Close: 687.80
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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15 Jul 2024 13:04

UK luxury brand Burberry gets new boss to revive revamp

Q1 sales down 21%

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28 Jun 2024 07:00

Paris' La Defense seeks revival with smaller, greener offices

PARIS, June 28 (Reuters) - Paris's La Defense business district is betting that modernising more than 300,000 square metres (3.2 million sq. ft) of offices into greener and more flexible work space will lure back companies and ease record high vacancy rates.

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6 Jun 2024 11:35

Chanel's creative director Virginie Viard to leave brand

June 5 (Reuters) - Chanel artistic director Virginie Viard is leaving the label, the luxury brand said on Thursday, kicking off speculation over who will replace her in one of the fashion industry's most coveted positions.

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21 May 2024 18:35

Big city malls the future for Klepierre in battle with online

May 21 (Reuters) - Mall operator Klepierre is focusing on Europe's most dynamic and affluent big cities and offering experiences beyond shopping to compete with fast-growing online retailers, its chairman Jean-Marc Jestin told Reuters on Tuesday.

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16 May 2024 09:59

Watches of Switzerland shares tick higher on brighter outlook

Company 'cautiously optimistic' on new financial year

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15 May 2024 12:12

Burberry looks to classics after Lee's designs struggle to excite

Q4 like-for-like sales slump 12%, China down 19%

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25 Apr 2024 17:06

European stocks retreat on earnings gloom, weak US economic data

Hermes quarterly sales jump 17% on strong China demand

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Read more
24 Apr 2024 16:47

Luxury sector outlook clouded by China's slow recovery

PARIS, April 24 (Reuters) - Sales updates from Europe's big luxury brands have offered scant reassurance that Chinese demand for high-end fashion is recovering, leaving a cloud over the outlook for the industry.

Read more
17 Apr 2024 17:11

Adidas, LVMH steer European shares higher on earnings relief

LVMH climbs as quarterly sales placate industry concerns

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Read more
17 Apr 2024 08:48

LVMH Q1 meets expectations, reassuring luxe sector

profit warning

Read more
16 Apr 2024 19:28

LVMH sales growth slips on luxury spending slowdown

PARIS, April 16 (Reuters) - LVMH's sales slowed in the first quarter as rising prices prompted more shoppers who aspire to own its luxury labels to hold back on splashing out thousands of dollars on handbags and other accessories.

Read more
16 Apr 2024 16:45

LVMH's first quarter sales growth slips to 3% on luxury slowdown

PARIS, April 16 (Reuters) - LVMH reported a 3% rise in first quarter sales on Tuesday, marking a slowdown as rising prices prompted more shoppers who aspire to own its handbags and other luxury goods to hold back on splashing out thousands of dollars.

Read more
12 Apr 2024 17:19

Europe's STOXX 600 flat on rising Middle East tensions, energy stocks spike

Main energy stocks index hits highest since 2008

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26 Jan 2024 17:08

LVMH, Remy Cointreau results boost European shares to 2-year highs

LVMH jumps on Q4 sales growth

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26 Jan 2024 15:59

Global stock index edges up, dollar falls after U.S. inflation reading

World stocks hover near 2-year highs

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Read more

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