European stock markets opened generally higher on Friday, with the exception of Germany's Dax, as a number of good corporate results buoyed trading.
In Paris, the CAC 40 benefited in particular from a surge by LVMH, whose quarterly results buoyed the entire luxury goods sector. The Paris index advanced by 1.33% to 7,563.18 points at around 08:32 GMT.
In London, the FTSE gained 0.49%, while in Frankfurt, the Dax fell victim to profit-taking, losing 0.27%.
The pan-European FTSEurofirst 300 index gained 0.49%, the EuroStoxx 50 gained 0.29% and the Stoxx 600
gained 0.4%.
Futures on New York indices suggest that Wall Street will open lower, with the Dow Jones down 0.36%, compared with 0.43% for the Standard & Poor's 500 and 0.86% for the Nasdaq.
On the value side, LVMH jumped 8.41% after reporting organic sales growth of 10% in the fourth quarter. The European luxury goods sector
advanced by 3.69% in the wake of France's largest capitalization.
Rémy Cointreau soared 16.41% after reporting a smaller-than-expected decline in third-quarter sales, dragging Pernod Ricard up 7.51%.
Markets are also digesting the ECB's latest decision, which on Thursday kept rates at current levels but noted that inflationary pressures were easing in the eurozone.
U.S. PCE inflation figures, due at 13:30 GMT on Friday, could help to liven up trading. (Written by Corentin Chappron, 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%).