European stocks rallied on Friday, thanks to the encouraging results of LVMH Mott Hansie Louis Vuitton and Daimler, while US equity futures also saw a hedge rise as investors waited for retail sales data.
Stoxx Europe 600 Index SXXXP,
After closing down 2% on Thursday, it rose 0.8% to 365.78, Sept. The biggest one day drop after 21. The index only leads to losses of more than 1% weekly. German DAX DAX,
0.6%, French CAC 40 PX1,
1.4% and FTSE 100 climbed on UKX,
U.S. Stock futures YM100,
Downbeat jobs were moderately higher after a weak finish on Thursday due to lack of data and progress on the coronavirus relief package. U.S. on Friday. In retail sales, industrial production and consumer spirit surveys are ahead.
Investors are concerned about the growing cases of coronavirus in Europe and its impact on economics. Several European countries were forced to tighten the ban this week, including a curfew in Paris and a ban on separate houses gathered in London.
Politics is also a theme in London, where Prime Minister Boris Johnson will issue a statement on Friday on whether the UK will continue Brexit talks with the European Union, following an undecided summit this week.
European Commission President Ursula von der Leyen left the summit on Thursday afternoon, and is in quarantine after a member of her staff tested positive for COVID-19. He said he has tested negative for the virus.
Leading gains were in the apparel sector on Friday, with shares of CAC 40 Heavyweight LVMH Moet Hennessy LVMH surging 6%.
The luxury goods company recorded strong growth in its Louis Vuitton and Dior brands, in part. Ste bhum decline occurred elsewhere.
With that news, shares of Hermes International RMS, the whole region was excited,
And Burberry BRBY,
3% and Kering KER,
The auto toe sector was also making gains, with Daimler DAII growing by 3%,
The German automaker reported early third-quarter earnings above consensus after the share and said it expects a strong 2020 balance.
Figures show an increase in the passenger-car register in the European Union for the first time in September with a growth of ist.1%. However, it was a mixed picture across the region, with Germany and Italy benefiting, but France and Spain declining. Reno RNO,
The stock rose 1% in Paris.
And Volvo VOLV.B,
The third quarter reported higher-than-expected net profit due to a rebound in demand for trucks and construction equipment. The stock has risen 3%.
Stoxx 600, Thisencrup TKA,
Shares rise 16%. Liberty House, a UK-based international industrial and metals group, could announce a bid for ThyssenKrupp’s loss-mailing steel division as early as Friday, the Financial Times quoted sources as saying.