Another busy earnings day in Europe was overshadowed by headlines from the Russia Ukraine crisis.
Upbeat corporate news from many European companies such as Kering and Commerzbank were a bright spot for the region Thursday, but geopolitical worries were keeping a lid on the main stock index.
The Stoxx Europe 600 index SXXP dipped 0.3% to 466.12, in a week that has seen it lose about 0.4% so far. The German DAX DAX fell 0.5% and the FTSE 100 UKX slid 0.7% as oil prices fell. The French CAC 40 PX1 was down just 0.1% thanks to gains in the luxury goods sector. “Whether the intelligence is trustworthy or hysteria, as Russia has labeled it, will soon become clear but in the interim, efforts towards a diplomatic solution continue which will keep investors on edge,” he said.
Stock in Kering KER surged 6% after the luxury goods group said sales and earnings last year recovered well beyond the pre-pandemic period, helped by its core brand Gucci. The company is confident over its margins looking ahead, even if prices have to go up, said finance chief Jean-Marc Duplaix in a media conference.
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