European shares trade higher despite weak earnings report

28.07.2020 - Kulakov Vladimir
European shares trade higher despite weak earnings report

European stocks traded slightly higher on Tuesday ahead of a U.S. decision to roll out additional stimulus plans despite the underwhelming quarterly earnings reports from the luxury goods market.

The pan-European STOXX index inched higher by 0.3% at 03:19 AM ET (0719 GMT), while the German DAX index rose by 0.5%. In the U.K., the FTSE index gained 0.6%.

As new COVID-19 cases continued to dampen market sentiments on Monday, investors kept an eye out for the conclusion of a U.S. Fed meeting as they decide on whether more fiscal stimulus would be required to prop up the U.S. economy.

Meanwhile, shares of luxury makers fell, with Louis Vuitton owner LVMH falling as low as 2.8% after the pandemic dented its second-quarter sales. Stocks of Gucci owner Kering as well as France’s Hermes also fell, while luxury jacket maker Moncler saw its shares falling by 4%, reporting losses for the first half of the year for the first time ever.

Risk disclaimer "Market Solutions Ltd – Suite 305 Griffith Corporate Centre P.O. Box 1510 Beachmont, Kingstown, St Vincent and the Grenadines is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0128 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of Market solutions Ltd and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or Market Solutions limited." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?