Asia-Pacific Stocks Soar, European Equities Mixed on LVMH Woes

BySamson Ononeme

Oct 11, 2023 , ,
Asia-Pacific Stocks Soar, European Equities Mixed on LVMH Woes

Key Insights

  • Asian stock markets, led by South Korea and Japan, saw gains driven by tech stocks and positive business sentiment among major Japanese firms.
  • European equities had a mixed day with LVMH reporting disappointing sales, leading to a 6.6% drop in their shares and dragging down the luxury sector.
  • Β The pan-European stock index STOXX 600 rose slightly, while most regional markets showed neutrality, with France’s FCHI underperforming.

Global stock markets had a divergent day, with the majority of Asian stock markets climbing while their European counterparts experienced a mixed performance.

Asia’s Bullish Ascent

  • The Asian markets were driven upwards primarily by South Korea. The Composite Stock Price Index, or Kospi, surged by 1.98%, closing the day at 2,450.08 points, marking a two-week high. Tech giant Samsung Electronics played a pivotal role, jumping by an impressive 2.71%.
  • Japan’s Nikkei 225 displayed stability, scaling up by 0.6% to reach 31,936.51 points, its highest level in over two weeks. This resilience was attributed to a recent Reuters Tankan survey, which showed continued strong business morale among major Japanese firms.

    The chart depicts the daily price movements of the Nikkei 225 Index. Source:
  • The Hang Seng Index in Hong Kong surged by 1.4% during the final trading hour, poised for its fifth consecutive session of gains. Investor optimism was fueled by reports that the government was considering increased investments in building projects to boost the economy.

    The daily price chart for the Hang Seng Index. Source:
  • Mainland Chinese markets also finished on a positive note, with the benchmark CSI 300 Index rising by 0.28% to close at 3,667.55 points.

Mixed Fortunes in European Markets

  • European markets, in contrast, faced a day of mixed returns. Luxury conglomerate LVMH had a significant impact, dragging down the sector due to disappointing sales figures. LVMH’s stock tumbled by 6.6% to reach a 10-month low. Despite reporting a 9% increase in third-quarter revenue, it signaled a slowdown in growth as post-pandemic spending cooled. This downturn also affected shares of other luxury brands, including Hermes and Kering, which each saw declines of over 2%.
  • The pan-European stock index, STOXX 600, managed to eke out a 0.1% gain, reaching a one-week high. However, performance across most regional markets remained neutral. France’s blue-chip index, FCHI, underperformed, posting a 0.6% decline on the daily charts.

Samson Ononeme

Meet Samson Ononeme, a dynamic writer, editor, and CEO of With a passion for words and a sharp business acumen, Samson captivates readers with captivating storytelling and delivers insightful market analysis. He is a trailblazer in the finance industry, empowering individuals with knowledge and shaping the narrative of money. Get ready to be inspired by his literary prowess and entrepreneurial leadership.

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