European Stocks Reverse Losses on Strong SAP, LVMH Results

European stocks recouped early losses on Wednesday as upbeat earnings forecast from German software group SAP and robust quarterly sales for French luxury goods maker LVMH helped soothe worries about inflation. By 0824 GMT, the pan-European STOXX 600 index was up 0.2 percent after falling as much as 0.4 percent in opening trade. The German DAX gained 0.6 percent and France’s CAC 40 was flat, while UK’s FTSE 100 fell 0.4 percent. SAP rose 4.5 percent after it raised its full-year outlook for a third time following a strong quarterly showing as more customers shift their IT operations to the cloud. French luxury goods maker LVMH added 1.5 percent as sales at its fashion and leather goods division rose strongly in the third quarter but overall revenue growth in Asia and the United States eased after a stellar first-half performance. “Lot of growth stocks, luxury, IT, all these have been …

Related Post

This website uses cookies.