They mark the pace European stock exchanges awaiting the exams at the end of October which will almost certainly end with a new rate increase by the ECB. It will not be the suffering that lifts the moods iagreement between EU partners on gas, for now facade agreement to be filled with content. The farewell of Mario Draghi, then, deprives the Community of a great protagonist precisely when the Eurozone is suffering from an acute leadership crisis, as demonstrated by the postponement of the Franco-German summit, an event that has never occurred since the days of Adenauer and De Gaulle. And so the latest news from the European Stock Exchanges are affected by the general climate.
But what is, in the meantime, the state of the art of the EU economy grappling with the recession syndrome? The launch of the campaign quarterly of the Old Continent allows you to trace a first, summary picture of some trends, starting from luxury sector, a small but significant segment of the resilience capacity of European manufacturing from which emerges the confirmation of Germany's difficulties in the face of post-global markets, which seem to reward luxury at the expense of casual consumption. Here are the latest news from the morning of the European Stock Exchanges in pills.
European stock markets latest news: focus on luxury, quarterly
- The morning opened with a new disappointment for the made in Germany. The sportswear giant Adidas -9% on the lowest since 2016. Sharply declining quarterly profit and profit warning on 2022 results. The third quarter net profit (179 million euros against 479 million) was affected by the liquidation of assets in Russia last year, above all due to the "liquidation of assets in Russia" but also the deterioration of trends in China, due to the persistence of the Covid-19".
- Much more resistant are the French groups, both those of hard luxury and large-scale consumption. The confirmation, again this morning, comes from The real: the group recorded quarterly sales of 27,94 billion euros, +20,5% compared to the same period of 2021. At constant scope and constant exchange rates, sales grew by 12%.
- Even more euphoric the reaction of Hermès: sales shot up thanks to the boost of the high dollar in the USA (+28%) , but also in Asia (+34% in Japan, despite the decline in the yen). As already in the case of lvmh, the most capitalized company in Europe, Hermès, without giving figures, has revised upwards its medium-term sales targets, with "very ambitious" intentions.
- It is, at least on the stock exchange, an exception Kering. Revenues increased by 14%, thanks to an excellent performance in Europe, despite the revenues of Gucci, its flagship brand, lagging behind the overall growth (9% against a forecast of 11%). But the 14% comparable increase, which excludes currency fluctuations, was better than analyst consensus.
- Made in Italy also held up better than expected despite the profit taking that affected Moncler in particular this morning. Starting from Brunello Cucinelli also in the wake of the rise in guidance. As Equita comments, “the brand continues to benefit from the growing visibility due to the renewed interest in post-pandemic clothing: positioning in absolute luxury reduces the risk of impact from the macro slowdown”.
- finally benevolent Asia, also for Essilor Luxottica which recorded the greatest growth in revenues there (+22%), also rising in North America, the group's main market thanks also to the exchange rate effect.
