European shares were subdued at the open on Friday on the back of mixed earnings results, while heavyweight luxury firms fell after Richemont’s results failed to impress.
The pan-European STOXX 600 held firm at 509.9 points as of 0817 GMT, with healthcare leading subsector gains with a 1.1% rise, while basic resources lagged with a 2.4% fall.
Richemont dipped 3.3% after the Cartier jewellery brand owner reported a 1% dip in sales during the three months to the end of September.
Most French luxury stocks fell early on.
LVMH lost 1.7% and Kering shed 3.9%. Vistry dropped 12.8% after Britain’s largest homebuilder by annual output issued its second full-year profit warning in a month. British Airways-owner IAG jumped 7.9% after its quarterly operating profit jumped 15%, beating forecasts.
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Monte dei Paschi di Siena rose 1.8% after the state-owned Italian bank reported a larger-than-expected 31% yearly rise in profit for the third quarter.
The European benchmark was set for mild weekly losses as investors assessed the likelihood of tariffs after Donald Trump recaptured the US presidency with a sweeping victory earlier in the week.
Source: Brecorder
