European luxury stocks rise on US-Iran peace plan
The United States and Iran are planning to reach an informal agreement that includes reopening the Strait of Hormuz and lifting US oil sanctions, leading to a rise in the shares of luxury companies in Europe, such as LVMH and Kering, by up to 5%. This comes amid hints of growing optimism about a potential settlement, which has boosted market sentiment and caused the European Stoxx 600 index to rise by 1.8%. The conflict in the Middle East has cast a shadow over the luxury goods sector, which has experienced a decline in sales and war-related impacts on consumer confidence.
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