0916 GMT - European luxury stocks jump after China reported data that was slightly better than expected and Brunello Cucinelli's third-quarter sales defied an industry slowdown. Shares in the Italian luxury company climb 3.8%. Meanwhile, shares in luxury behemoth LVMH and Gucci owner Kering rise 3.2% and 5.2%, respectively. Burberry and Salvatore Ferragamo jump more than 4%, but the biggest riser is Hong Kong-listed Prada, closing 5.8% higher. Concerns about the Chinese economy have been a key focus for investors in luxury stocks in recent months and official data showed the country's gross domestic product increased 4.6% in the July-to-September period, topping the 4.5% growth rate expected by economists in a Wall Street Journal survey, even if growth slowed compared with the second quarter. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
October 18, 2024 05:16 ET (09:16 GMT)
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