Europe's main stock markets were in the green at the start of trading on Tuesday, with the prospect of Beijing's increased support for the Chinese economy, but persistent questions about the global economy are holding back risk-taking.
In Paris, the CAC 40 gained 0.2% to 7,198.60 points at 07:48 GMT. In London, the FTSE 100 gained 0.21% and in Frankfurt, the Dax advanced by 0.07%.
The EuroStoxx 50 index was up by 0.31%, the FTSEurofirst 300 by 0.17% and the Stoxx 600 by 0.08%.
With concerns over the aborted mutiny at Russia's Wagner Group put to one side, investors are focusing on the markets' usual catalysts, namely the economy and monetary policy.
On this front, they will be paying close attention to the statements made by the heads of the world's major central banks, gathered until Wednesday in Sintra, Portugal, for the annual forum organized by the European Central Bank (ECB).
In China, Premier Li Qiang announced that growth would be higher in the second quarter than in the first three months of the year, and that Beijing would deploy more effective policies to boost domestic demand in particular.
This outlook gave a small boost to British mining stocks Rio Tinto and Glencore, which gained 0.64% and 0.26% respectively.
Luxury goods stocks also performed well: LVMH
gained 1.01% and Kering 1.35%.
Accor gained 0.86% after raising its annual forecasts and announcing its intention to open more than 1,200 hotels over the next five years.
Motorhome manufacturer Trigano dropped 7.09% after publishing quarterly sales of 1.03 billion euros. (Laetitia Volga, edited by Blandine Hénault)
LVMH Moët Hennessy Louis Vuitton SE is the world leader in luxury products. Net sales break down by family of products as follows:
- fashion and leather items (48.9%): brands such as Louis Vuitton, Kenzo, Celine, Fendi, Marc Jacobs, Givenchy, etc.;
- watches and jewels (12.8%): Bulgari, TAG Heuer, Zenith, Hublot, Chaumet, Fred brands, Tiffany, etc.;
- perfumes and cosmetics products (9.6%): perfumes (Christian Dior, Guerlain, Loewe, Kenzo brands, etc.), makeup products (Make Up For Ever, Guerlain, Acqua di Parma, etc.), etc.;
- wines and spirits (7.7%): champagnes (Moët & Chandon, Mercier, Veuve Clicquot Ponsardin, Dom Pérignon brands, etc.; No. 1 worldwide), wines (Cape Mentelle, Château D'Yquem, etc.), cognacs (mainly Hennessy; No. 1 worldwide), whisky (mainly Glenmorangie), etc.;
The remaining sales (21%) are from selective distribution through the Sephora, DFS, Miami Cruiseline chains and Le Bon Marché and La Samaritaine department stores.
At the end of 2023, products are marketed via a network of 6,097 outlets located throughout the world.
Net sales are distributed geographically as follows: France (7.9%), Europe (16.4%), Japan (7.3%), Asia (30.8%), the United States (25.3%) and other (12.3%).