European shares jumped on Thursday, as heavyweight luxury stocks got a boost following Richemont’s upbeat earnings update, while semiconductor firms advanced after Taiwan Semiconductor Manufacturing Co reported record quarterly profit.
The pan-European STOXX 600 gained 0.6% as of 0807 GMT, building on its biggest single-day gain in four months clocked on Wednesday.
STOXX was last at its highest level since mid-December, while Germany’s DAX rose 0.4% to an all-time high.
Richemont surged 15% after the owner of the Cartier jewellery brand beat market expectations for third-quarter sales, a positive sign for the high end of the luxury sector over the all-important holiday season. Other luxury firms such as LVMH and Hermes were up 7.4% and 4.7%, respectively.
The tech index, which houses the bulk of European chipmaking companies, advanced 1.8% after Taiwan Semiconductor Manufacturing Co, the world’s largest contract chipmaker, logged record quarterly profit and said it expects hefty first-quarter revenue growth.
Europe shares log best day in four months after US data
Zalando jumped 13.4% after Europe’s biggest online retailer said it expected its profit for 2024 to be above its own forecasts.
On Thursday, German inflation eased slightly in December to 2.8%, while Britain’s economic output rose for the first time in three months in November but by less than anticipated, edging up by 0.1%.
Source: Brecorder
