European stocks end midweek mixed, luxury shares climb
ISTANBUL
European stock markets ended mixed Wednesday, with luxury stocks climbing.
The pan-European Stoxx 600 was up 0.57%, or 3.23 points, to close at 567.77, while the Luxury 10 index surged 6.4%.
France’s CAC 40 climbed 1.99% to end midweek at 8,077 points.
On the other hand, Germany’s DAX 40 index was down 0.23% to 24,181.37 points, and the UK’s FTSE 100 dropped 0.3% to 9,424.75.
Italy’s FTSE MIB also declined 0.4% to 41,906.9, and Spain’s IBEX 35 fell 0.1% to end the midweek at 15,570.3.
European markets focused on concerns about a renewed escalation of trade tensions between the US and China.
Following China’s restrictions on rare earth exports, US President Donald Trump’s threat of additional tariffs on China and subsequent developments have caused volatility in the markets.
Meanwhile, luxury brands in Europe drove trading, with LVMH rising 12.2%. The owner of LVMH, Christian Dior, saw a rise of around 12%. Burberry increased more than 3.3%, and Kering traded almost 4.8% higher.
European defense stocks, on the other hand, declined. Saab, a manufacturer of fighter jets, fell more than 4.9% throughout the session, while German tank parts manufacturer Renk fell 8.6%. Rheinmetall and Hensoldt also lost more than 5%.
German steel manufacturer Salzgitter, which holds a significant position in Aurubis, sold €500 million ($582 million) in convertible bonds, which may be converted to around 7% of Aurubis’ stock, causing Aurubis, a copper producer, to fall 6.5%, while Salzgitter dropped 4.2%.
On the data side, industrial production decreased 1.2% in the euro area month-on-month in August.
The euro/dollar parity rose 0.28% to 1.1641 as of 1700GMT.
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