European stocks opened on Thursday with significant gains, supported by the profits made by Wall Street stocks yesterday and earnings in the luxury goods sector.
At the same time, European stocks strengthened their gains following the British inflation data released yesterday, which showed a slowdown in the overall inflation rate in the country to 2.5%, after it had been expected to remain the same as the previous reading at 2.6%.
At the start of today’s session, the performance of the main European stock indices was as follows:
The pan-European Euro Stoxx 600 index rose by 0.6% to record 518.02 points.
The French CAC 40 index increased by approximately 1.45% to reach 7,578.68 points.
The German DAX index advanced by 0.3% to 20,629.89 points, after data showed that the economy's performance matched expectations, recording a contraction of 0.3% for the entire year of 2024.
The British FTSE 100 index rose by 0.66%, reaching 8,354.96 points.
The Italian FTSE MIB index climbed by 0.89%, reaching 35,942.05 points.
The Spanish IBEX 35 index slightly declined by about 0.07% to record 11,888.6 points.
In terms of trading, shares in the luxury goods sector led the gains, with Richemont, the owner of Cartier, rising by 16% after announcing a 10% increase in sales for the third quarter of the financial year, while shares of French companies LVMH, Kering, and Christian Dior increased by about 8%. Retail companies Moncler, Burberry, and Hermes also saw their stocks rise, placing them among the top performers in the Euro Stoxx gains.
