Mixed Earnings and Market Reactions Shape European Shares
European shares experienced a subdued opening on Friday, influenced by mixed earnings reports. Luxury sector heavyweights fell post-Richemont's underwhelming results, while healthcare led subsector gains. Notably, British Airways-owner IAG's profits surpassed expectations, and Monte dei Paschi di Siena reported a significant profit increase. Investors also speculated about potential tariffs after recent political developments.
European shares opened on a subdued note Friday, influenced by a mix of earnings results. Luxury sector giants, including Richemont, saw declines after disappointing financial performance.
The STOXX 600 index remained steady at 509.9 points, led by a 1.1% gain in the healthcare sector. In contrast, basic resources fell by 2.4%, with Richemont's shares dipping by 3.3% following a slight sales decline for Cartier in the recent quarter.
French luxury stocks like LVMH and Kering also faced early losses, while British Airways owner IAG outperformed with a significant profit jump. Investors continued to assess potential trade implications post-Donald Trump's electoral victory.
(With inputs from agencies.)