INSUBCONTINENT EXCLUSIVE:
LONDON: Luxury stocks were a silver lining for European markets on Wednesday after strong results from LVMH reassured investors, while
looming U.S.-China trade talks kept trading muted and some earnings disappointments weighed.
Europe's STOXX 600 fell 0.2 per cent in early
deals, with Germany's trade-sensitive DAX down 0.4 per cent and France's CAC 40 up 0.3 per cent.
Britain's FTSE 100 jumped 0.9 per cent
thanks to a weaker pound boosting London-listed multinational exporters.
LVMH shares jumped 6.5 per cent after upbeat results from the
luxury conglomerate, which said it is "cautiously" confident as fourth-quarter sales held up despite fears of a China slowdown.
Hermes,
Richemont, Gucci owner Kering , Moncler and Burberry were among the top boosts to the STOXX 600, rising 1.8 to 3.8 per cent.
Even Italy's
Salvatore Ferragamo, which reported a drop in sales, climbed 2.7 per cent as the LVMH beat lifted the luxury sector.
Industrial conglomerate
Siemens fell 1.2 per cent after reporting weaker-than-expected industrial profit for its first quarter due to profits at its power business
plunging.
Shares in French IT consulting firm Atos surged 10 per cent to top the STOXX 600 index
The company said it would distribute 23.4 per cent of shares in its subsidiary Worldline to shareholders.
Atos peer Alten also gained 6.1
per cent after it reported full-year revenue rose in 2018.
Meanwhile pharma giant Novartis was the biggest drag on the STOXX, down 2.5 per
cent after analysts said its 2019 earnings growth guidance was disappointing.
Swiss drug ingredients maker Lonza tumbled 6.9 per cent after
it said Chief Executive Richard Ridinger was retiring and reported sales below expectations.
Dutch telecoms firm KPN was another loser after
results, falling 3.8 per cent after it reported earnings that missed estimates and guided to lower cash flow for this year, and its shares
are set to fall 2 per cent.
