FTSE 100 higher but European cousins outperform
|It has been a day for luxury stocks in Europe, while US earnings have also aided the general rebound in risk appetite, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.
FTSE 100 lags behind as luxury stocks rally
The rebound in risk appetite has continued across the board today, shrugging off any further spat between the US and China, this time over cooking oil. But save for Burberry the FTSE 100 is feeling the absence of any luxury names in its ranks. Buying French political turmoil has been one of the standout winners of late, as the CAC40 soars towards a new high despite the ongoing governmental troubles.
Nvidia upgrade and bank earnings lift Wall Street
Bank earnings continue to provide proof of the strength of the US economy, with the IMF expecting more growth next year despite worries about the employment situation. Meanwhile, an upgrade for Nvidia has helped sentiment too, while investors took heart from ASML's earnings despite worries about China demand.
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