LVMH extends record rally as European shares forge ahead


by   |  VIEW 172
LVMH extends record rally as European shares forge ahead

On Tuesday, the 14th of January 2020, a basket of European bourses had ended the day with modest gains over optimisms of a Sino-US “Phase One” trade deal due to be signed off on January 15th, but Wall St. dropped from record high following release of a report that the existing tariffs on Chinese goods would persist until November US Presidential election, which in effect would likely to drag down the European shares as well when markets will open on Wednesday (January 15th).

Nonetheless, Tuesday’s (January 14th) European market’s rally was almost entirely prodded by a record-setting rally of Louis Vuitton owner LVMH, which had hit an all-time high of €431 per share on Tuesday (January 14th), while another rally of homebuilder Taylor Wimpey that gained just a notch shy of 4 per cent to £209.90 per share had added to investors’ optimism and uplifted a number of European stock indices on Tuesday’s (January 14th) round off.

Meanwhile, expressing uncertainties over a “Phase One” Sino-US trade deal, a market analyst at Oanda, London, Craig Erlam said on Tuesday’s (January 14th) European market closure, “We are still waiting for details on the trade deal...

the sustainability and the effectiveness of it is going to be judged by the details, and there is probably an element to the market of just waiting to find that out. ” Citing statistics, on Tuesday’s (January 14th) European market wind down, London’s mid-capped FTSE Mid 250 added 0.18 per cent to 21,756.05, while FTSE 100 edged higher to end up the day at 7,622.35.

Besides, the regional pan-European STOXX 600 gained 0.48 per cent, while Frankfurt’s DAX 30 ended the day almost flatlined to 13,456.49 and French CAC 40 added 0.04 per cent to 6,040.89. Elsewhere in the Europe, Madrid’s benchmark IBEX 35 index fell 0.16 per cent to 9,528.30, while Italy’s FTSE MIB wrapped up Tuesday’s (January 14th) session 0.13 per cent higher to 23,928.21.