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European stock markets gained some ground with their luxury goods heavyweights leading the way, buoyed by the beginning of the lifting of health restrictions in China. Inflation surged to 8.7% year-on-year in May in both Germany and Spain.
The lifting of certain restrictions in China had a positive effect on European markets, which thus maintained last week’s momentum on Monday.
At the end of a quiet session in the absence of Wall Street, closed due to a public holiday, the European stock exchanges extended their rebound: Paris took 0.72%, Frankfurt 0.79% and Milan 0.58%. The London Stock Exchange finished on a more moderate rise (+0.19%).
Meanwhile, in Zurich, the SMI ended up 0.76% 11,736.26 points, with a high of 11,751.16 and a low of 11,673.10. The SLI gained 1.0% to 1834.41 points and the SPI 0.88% to 15,072.36 points.
This was due to the notable rise in luxury stocks such as Richemont (+4.5%) and Swatch (+4.0%), which were also benefiting from hopes of sanitary easing and economic recovery in China.
A rebound that also benefits French luxury stocks, particularly exposed to the Chinese market: LVMH, Hermès and Kering gained from 3.17% to 3.93%, among the strongest gains of the CAC 40.
Inflation at a peak of 8.7% over one year in Germany
No statistics were logically on the program today in the United States, due to the Memorial Day. On the other hand, new inflation figures were expected in Europe. In Spain, consumer price inflation accelerated in May to 8.7% year-on-year, up from 8.3% in April. Inflation also rose sharply in Germany, reaching a comparable peak of 8.7%, up from 7.7% in April and well above the 8.1% expected by the consensus.
For the rest of the week, traders’ attention will once again be focused on the United States, with the publication of May’s employment figures on Friday and, before that, the publication of the Fed’s Beige Book on Wednesday. It is also Wednesday when the central bank begins to reduce the size of its balance sheet.
Read also > AFTER TWO DAYS OF DECLINE, EUROPEAN STOCK MARKETS AND WALL STREET REBOUND ON FRIDAY
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European stock markets gained some ground with their luxury goods heavyweights leading the way, buoyed by the beginning of the lifting of health restrictions in China. Inflation surged to 8.7% year-on-year in May in both Germany and Spain.
The lifting of certain restrictions in China had a positive effect on European markets, which thus maintained last week’s momentum on Monday.
At the end of a quiet session in the absence of Wall Street, closed due to a public holiday, the European stock exchanges extended their rebound: Paris took 0.72%, Frankfurt 0.79% and Milan 0.58%. The London Stock Exchange finished on a more moderate rise (+0.19%).
Meanwhile, in Zurich, the SMI ended up 0.76% 11,736.26 points, with a high of 11,751.16 and a low of 11,673.10. The SLI gained 1.0% to 1834.41 points and the SPI 0.88% to 15,072.36 points.
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European stock markets gained some ground with their luxury goods heavyweights leading the way, buoyed by the beginning of the lifting of health restrictions in China. Inflation surged to 8.7% year-on-year in May in both Germany and Spain.
The lifting of certain restrictions in China had a positive effect on European markets, which thus maintained last week’s momentum on Monday.
At the end of a quiet session in the absence of Wall Street, closed due to a public holiday, the European stock exchanges extended their rebound: Paris took 0.72%, Frankfurt 0.79% and Milan 0.58%. The London Stock Exchange finished on a more moderate rise (+0.19%).
Meanwhile, in Zurich, the SMI ended up 0.76% 11,736.26 points, with a high of 11,751.16 and a low of 11,673.10. The SLI gained 1.0% to 1834.41 points and the SPI 0.88% to 15,072.36 points.
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