European stocks rise, Richemont shines after quarterly report

Author: Peter Nurse

investing. com – European markets traded higher on Friday. After the losses suffered in the previous session, it stabilized as investors focused on Eurozone inflation information and benefit reports.

DAX up 0.2% CAC 40 0.2% and FTSE 100 achieved 0.6% benefit.

Quarterly profit period is starting in Europe and investors are waiting for strong results in the continent freed from restrictions.

luxury consumer company Richemont

(mtag101708) (SIX: CFR), the stock gained 2% after reporting that its sales doubled in the quarter ending June 30.

Cougar (DE: PUMG) boosted its 2021 sales target thanks to strong demand in the second quarter, mainly in North America. However, the stock fell by 1.1% as investors demanded more.

For example, a situation Burberry

(mtag101708) (LON: BRBY) as well. The stock lost 2.3% even as the luxury fashion residence reported that its peer sales for the 13 weeks to June 26 had risen above pre-pandemic levels.

Ericsson (BS: ERICAs) fell by about 10%. After the telecommunications company reported a decline in sales in the Chinese market Verizon Communications

(mtag101708) (NYSE: VZ) was overshadowed by its $8.3 billion multi-year 5G deal.

In addition, investors are looking forward to the last week of the Eurozone before the European Central Bank (ECB) meeting next week. CPI will be following the data.

The June CPI reading is expected to fall to +1.9% annually, below the bank’s 2% target.

European markets had a strong day on Thursday. While central banks began to worry about rising inflation, all of the main indexes fell by around 1%, stifled by fears that rising Covid-19 events would disrupt global growth.

Friday Bank of Japan, while lowering its real GDP assumptions for 2021, left no change in monetary policy. It now expects 3.8% growth compared to the 4.0% assumption it made in April.

On the other hand, oil prices are on their way to end the worst week since mid-March, with a drop on Friday. As concerns persist that the increasing number of events around the world will hit demand, the possibility of OPEC+’s new production contract could increase supply at the same time.

WTI is down 0.1% to $71.62 and is on track to drop about 4% this week. Brent traded at $73.44, down 0.1%, and is on its way to about 3% loss.

on the other hand gold futures processes down 0.3% to $1,823.55 EUR/USD traded at 1.1802, down 0.1%. Gold is on track to finish its fourth week of utility.

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