CAC 40 Steady on Luxury Gains
The CAC 40 closed nearly flat at 8,078 on Monday as gains in the luxury sector offset losses in manufacturing and financial stocks. Luxury shares outperformed as brands seek a boost from catwalk shows in Milan and Paris amid concerns over growth prospects. LVMH’s flagship brands Dior and Louis Vuitton will be among the most closely watched shows at Paris Fashion Week, which kicks off today. LVMH rose 0.5%, Hermès added 2.5%, and Kering gained 2.2%. Meanwhile, Armani is open to involving multiple investors in the sale of a 15% stake earmarked in founder Giorgio Armani’s will. He named LVMH, L’Oréal (+0.8%) and EssilorLuxottica (+1.5%) as preferred buyers. Industrials closed mixed as US President Trump’s rejection of Iran’s proposal to reopen the Strait of Hormuz and halt hostilities triggered a rebound in oil prices, raising inflation concerns. Industrials closed mixed and financials posted losses. Elsewhere, Stellantis rose 0.4% after the US moved to ease fuel-economy requirements.
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The CAC 40 closed nearly flat at 8,078 on Monday as gains in the luxury sector offset losses in manufacturing and financial stocks. Luxury shares outperformed as brands seek a boost from catwalk shows in Milan and Paris amid concerns over growth prospects. LVMH’s flagship brands Dior and Louis Vuitton will be among the most closely watched shows at Paris Fashion Week, which kicks off today. 2%.
Meanwhile, Armani is open to involving multiple investors in the sale of a 15% stake earmarked in founder Giorgio Armani’s will. 5%) as preferred buyers. Industrials closed mixed as US President Trump’s rejection of Iran’s proposal to reopen the Strait of Hormuz and halt hostilities triggered a rebound in oil prices, raising inflation concerns. Industrials closed mixed and financials posted losses.
4% after the US moved to ease fuel-economy requirements.