The Paris stock market closed at a record high on Friday, driven largely by a surge in shares of LVMH following the announcement of record annual profits by the French luxury group. This rise contributed significantly to the overall performance of Europe’s main stock markets, which saw notable gains. LVMH, the world’s largest luxury goods group, experienced a 2.3 percent increase in its share value, pushing the Paris CAC 40 index above 7,600 points for the first time. The company’s impressive results were attributed to the strong performance of its fashion brands, including Louis Vuitton, Dior, Celine, and Fendi.
The group also reported growth in sales across various sectors such as perfumes, cosmetics, watches, and jewelry. However, its wines and spirits unit saw a decrease, dropping 4 percent over the full year. In other European market news, Frankfurt’s DAX index saw a modest rise despite a survey indicating a decline in consumer sentiment in Germany, Europe’s largest economy, at the start of the year. Meanwhile, in the United States, Wall Street stocks had a mixed finish. The Dow Jones Industrial Average managed to reach a new record, while the S&P 500 fell slightly after four consecutive days of record highs.
The Federal Reserve’s preferred inflation measure, the personal consumption expenditures (PCE) index, remained stable at 2.6 percent, aligning with market expectations. The core PCE Price Index, which excludes food and energy prices, saw a decrease to 2.9 percent from 3.2 percent in November, marking the lowest rate since March 2021. Patrick O’Hare, an analyst at Briefing.com, commented on the inflation data, suggesting that it indicates a balance of strong consumer spending and a move towards the Federal Reserve’s two percent inflation target. Looking ahead, market analysts are anticipating a busy week, with a Federal Reserve meeting and earnings reports due from major technology companies including Amazon and Microsoft.
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