European Stocks Climb as LVMH, Kering Report Faster Sales Growth

Dior 'Secret Garden 2' Autumn/Winter 2013 Campaign | Source: Dior

LONDON, United Kingdom — European stocks rose, heading for their longest stretch of weekly gains this year, as companies from LVMH Moet Hennessy Louis Vuitton SA to Kering SA reported faster quarterly sales growth. U.S. index futures were little changed, while Asian shares fell.

LVMH, which owns Louis Vuitton and Christian Dior, rallied 4.1 percent. Kering, the owner of Gucci, advanced 3.7 percent. Air France-KLM Group added 1.9 percent. Vivendi SA climbed 2.2 percent after selling its controlling stake in Activision Blizzard Inc. to the company and a group led by its chief executive officer for $8.17 billion.

The Stoxx Europe 600 Index rose 0.2 percent to 300.3 at 8:32 a.m. in London, heading for a weekly advance of 0.2 percent, its fifth consecutive gain. It has rallied 5.3 percent so far in July as the Federal Reserve said its stimulus program remained flexible and as companies from UBS AG to Publicis Groupe SA reported increased profit. Standard & Poor’s 500 Index futures slipped less than 0.1 percent, while the MSCI Asia Pacific Index fell 0.7 percent.

In the U.S., a report at 9:55 a.m. New York time may show consumer confidence declined this month. The Thomson Reuters/University of Michigan index of consumer sentiment dropped to 84 from 84.1 in June, according to the median estimate of economists surveyed by Bloomberg. The initial reading for the measure was 83.9.

By: Namitha Jagadeesh; Editor: Will Hadfield