BUZZ-Luxury stocks rise after Burberry report, Trump's tariff stance

Reuters

Jan 24, 2025

** Shares in luxury goods makers rise buoyed by the prospect of a softer stance on tariffs on China, and Burberry BRBY.L reporting another set of strong earnings in the sector

** U.S. President Donald Trump in an interview with Fox news said his recent conversation with President Xi Jinping was friendly and he thought he could reach a trade deal with China

** Burberry reported a smaller than expected 4% drop in Q3 retail LFL; the results follow strong updates from Richemont CFR.S and Brunello Cucinelli BCU.MI

** Burberry was up 12% to May highs at 0806 GMT

** Gucci owner Kering PRTP.PA rose 8% to September highs, while LVMH LVMH.PA was up around 3.5%

** Italian luxury group Ferragamo SFER.MI, luxury puffer jacket maker Moncler MONC.MI and Hugo Boss BOSSn.DE were all up around 5%

** Richemont rose 2.7%, Birkin bag maker Hermes HRMS.PA was up around 2%

(Reporting by Anna Pruchnicka)

((anna.pruchnicka@tr.com))

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