Luxury stocks steer fifth straight session of gains in Europe

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Luxury stocks steer fifth straight session of gains in Europe

On Friday, the 25th of October 2019, after witnessing a sharp downward spiral earlier in the day over demand concerns, a late turnaround following office of USTR’s (US Trade Representative) upbeat comments on progresses of a Sino-US trade deal alongside riant earnings’ reports from luxury goods makers had helped European stocks clinch their fifth straight session of gains, dispelling some concerns tied to earnings’ and growth slowdown despite dismal economic data from United States, latest of which had been a broader miss of durable goods orders last month.

As beforementioned, European stocks had opened Friday’s (October 25th) market almost flatlined, while a majority of European bourses were plunged as much as 0.4 per cent during midday European trading hours, but the main European equities had recovered later to round off the day 0.2 per cent higher.

Aside from that, gains were largely capped on Friday’s (October 25th) European stock exchanges after EU had botched to decide the length of a Brexit deadline for Britain, while British House of Common had been squabbling over PM Johnson’s call for a December 12th general election to break off the Brexit deadlock which had been PM Johnson’s third call for a snap election, but it would highly unlikely to pass through the parliament amid growing disagreement from Labours alongside other oppositions.

Quoting statistics, on Friday’s (October 25th) market round off, London’s FTSE 100 ended the day a penny down to 7,324.47, Frankfurt’s trade-sensitive DAX 30 added 0.17 per cent to 12,894.51, French CAC 40 gained 0.67 per cent to 5,722.15, while Madrid’s IBEX 35 curtained off the day 0.41 per cent higher to 9,430.20.

Elsewhere in Europe, Italy’s MIB FTSE rose 0.36 per cent to 22,608.99 on Friday’s (October 25th) market closure, while the regional pan-European index STOXX 600 added 0.16 per cent to 398.01, a level never seen since January 2018.