The global luxury goods market saw an unusual surge in shares of companies specializing in home and personal products on Friday. The underlying index of this segment rose by 1.6%. The leader was Burberry's stock, which increased by 14%. This is linked to the British luxury brand announcing an expected decline in quarterly store sales overall by 4%, which turned out to be lower than forecast.
European stocks soared to record levels, driven by the shares of companies dealing in home and personal products. This followed statements from U.S. President Donald Trump, supporting a reduction in interest rates. Besides Burberry, other luxury brands, such as LVMH, also reported growth. The STOXX 600 index in Europe rose by 0.4% after reaching an all-time high in the previous trading session.
