Markets
European Stocks Are Steady as LVMH Hits $500 Billion Milestone
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European stocks were steady on Monday as investors analyzed a stream of earnings reports, while LVMH was in focus as it became the region’s first company to surpass $500 billion in market value.
The Stoxx Europe 600 Index closed less than 0.1% lower in London. Energy, financial services and construction sectors gained, while technology and telecom shares fell. Luxury stocks outperformed the benchmark, with LVMH hitting its fresh milestone intraday thanks to a luxury-sales boom in China and a strengthening euro. LVMH is now closing in on Tesla Inc. for ninth spot on the list of the world’s biggest companies by market capitalization, only days after entering the top 10.