Rising oil has interrupted a series of gains in the European stock market. published: 2026-07-29 18:59 The Stoxx Europe 600 fell 0.3% at the close. It had ended the previous three sessions higher. Investor sentiment was dampened by reports of a resumption of hostilities between the US and Iran and a sharp rise in oil prices. Brent crude, the global benchmark, rose by more than 7% on Wednesday after news that the US and Iran resumed mutual attacks after a period of a few days when they refrained, ostensibly to return to negotiations. For most of the day, selling dominated the European stock market. However, there was a noticeable difference between individual exchanges. In Paris, the main index indicated a decline for almost the entire day, while in London it hit an all-time high in the first minutes of trading and demand held the upper hand for nearly the whole session. Much depended on reports published by the largest companies. In the Stoxx Europe 600 and among French blue chips, Hermes International (-11.0%) fell the most. The luxury goods giant's biggest drop in over three years was triggered by news that it would not raise prices as much next year as it did this year. Another French luxury goods provider, Kering (16.9%), was among the best performers in the Stoxx Europe 600 and the biggest riser on the Paris stock exchange. The biggest increase in 18 years for the owner of the Gucci brand was a reaction to higher-than-expected sales in the reported period. Semiconductor companies were among the biggest decliners on European exchanges for another day. Infineon Technologies (-5.7%) was the most heavily discounted German blue chip, and STMicroelectronics (-3.55%) was the second-biggest decliner on the Paris stock exchange. The rise in oil prices after the biggest three-day drop in six years sparked demand for oil company shares. In London, among the biggest risers among blue chips were BP (3.4%) and Shell (2.75%). At the close, selling prevailed in 10 of the 19 main segments of the European stock market. Banks and utilities, sensitive to changes in bond yields, fell the most (both -1.1%), along with travel and leisure companies, sensitive to oil prices (-1.0%). The strongest demand was in oil (2.2%), media (1.1%) and chemical (0.5%) segments. In Frankfurt, the DAX fell 0.01% at the close, in Paris the CAC40 lost 0.6%, and in London the FTSE100 gained over 0.3%. In Warsaw, the WIG20 gained nearly 0.6% and reached its highest level in a week. Eleven index companies saw their share prices rise. The best performers were CD Projekt (6.4%), Modivo (3.9%) and Orlen (2.1%). The biggest decliners were Budimex (-3.6%), Tauron (-2.4%) and PGE (-2.1%).

Kering's jewellery division revenues surge to €521m. Jewellery division outperforms wider luxury group with strong demand across Japan, Asia Pacific and North America Quick Poll What is your biggest operational challenge right now? One click - no sign-up All data is anonymised. Polling helps Jewellery Focus better understand the Jewellery Focus audience and tailor its editorial. Kering's jewellery division has reported first-half revenue of €521m (£451m), up 14% on a reported basis and 20% on a comparable basis, outperforming the wider luxury group's fashion and leather goods business. The group's recurring operating income more than doubled to €32m (£28m), up from €16m (£14m) a year earlier. The division's recurring operating margin also improved by 2.7 percentage points to 6.2%. In the second quarter alone, jewellery revenue reached €252m (£218m), up 15% on a reported basis and 18% on a comparable basis. Sales through Kering's directly operated retail network increased 28% on a comparable basis, while wholesale and other revenue declined 2%. Kering said momentum in its jewellery division remained strong in Japan, Asia Pacific and North America. It added that, among its jewellery brands, Boucheron achieved record sales during the quarter, supported by the launch of a new Quatre XS variation of its Quatre collection, while Pomellato maintained strong momentum, driven by demand in Japan and North America and the continued success of its core collections. Additionally, it reported that DoDo experienced a more challenging quarter against a strong comparative period, while Qeelin continued to grow despite softer trading during the quarter, with performance in Asia Pacific remaining solid. The jewellery division's performance contrasted with Kering's fashion and leather goods division, where first-half revenue declined 5% on a reported basis and 1% on a comparable basis to €5.8bn (£5.0bn). Gucci, the group's largest brand, reported first-half revenue of €2.76bn (£2.39bn), down 9% on a reported basis and 5% on a comparable basis, although the company said trading improved sequentially during the second quarter. Across the wider group, first-half revenue totalled €7.22bn (£6.25bn), up 1% on a comparable basis, while recurring operating income remained broadly flat at €921m (£797m). Luca de Meo, CEO of Kering, said: "Kering delivered improved performance in the second quarter, with revenue returning to growth. Across the group, Jewellery Focus is seeing early signs of progress in brand desirability, commercial momentum and operating performance. The quarter also showed sequential acceleration, including at Gucci, driven by the actions taken over recent months. "These first-half results demonstrate the positive impact of the decisive measures Jewellery Focus has taken to reinforce the distinctiveness of its brands, simplify its organisation and increase effectiveness across the group. Jewellery Focus is also advancing the rollout of its group platforms, leveraging technology to enhance efficiency, strengthen client engagement and support stronger execution across its houses. "While the market environment remains demanding, we are focused on delivering our roadmap with discipline and consistency, creating the foundations for sustainable growth and long-term value creation." Published: 21h ago

Kering returns to organic growth but Gucci remains in decline. Camilla Rydzek 29 July 2026 Kering recorded its first organic sales growth in three years, with revenues up 2% on a comparable basis in the second quarter to €3.65 billion (£3.12 billion), building on a stable first quarter. Summary of results: * Kering's first-half revenue reached €7.22 billion (£6.18 billion), up 1% on a comparable basis, following 2% growth in the second quarter. * Gucci's second-quarter comparable sales fell 2%, improving from an 8% decline in the first quarter. * Recurring operating margin rose 40 basis points to 12.8%, while asset sales and cash generation helped reduce net debt to €3.3 billion (£3.12 billion). While Gucci remained in decline, stronger retail trends helped the Paris-based luxury group return to growth while store closures, cost controls and asset disposals supported profitability and a sharp reduction in net debt. First-half revenue for Kering rose 1% organically to €7.22 billion, and fell 3% on a reported basis. Directly operated retail sales were flat during the six months, while wholesale and other revenue increased 5%. The group noted that the situation in the Middle East "remained challenging" during Q2, with a 1 percentage point reduction in revenue growth, although retail trends improved sequentially. Kering noted that Saint Laurent, Bottega Veneta and Brioni continued to improve sequentially, with performance accelerating versus the first quarter. A recent leadership shake-up has seen Romain Spitzer appointed as Chief Executive Officer of Bottega Veneta earlier this month. Balenciaga faced a more challenging quarter, according to its parent company, as the House "continued to work through its creative transition and to restore balance across its business, with leather goods remaining a source of strength." Kering also noted that McQueen has accelerated the execution of initiatives aimed at "repositioning the brand as a British authority in tailoring and occasion wear", while it continues to rightsize its distribution network under its new CEO, Gianfranco D'Attis. McQueen, which has been undergoing a global strategic restructure to restore profitability, has seen its flagship store relocated to 27 Old Bond Street, while it has also been announcing layoffs in both its Italian operations and London headquarters. Gucci's retail decline narrows Gucci's second-quarter revenue declined 2% on a comparable basis to €1.41 billion (£1.21 billion), against an 8% fall during the first quarter. Revenue from Gucci's directly operated stores fell 2% to €1.28 billion (£1.10 billion), an improvement of seven percentage points from the previous quarter. Wholesale and other revenue increased 5% to €135 million (£116 million). North America was the brand's main growth driver, while sales in Western Europe and Asia-Pacific began to recover. Mainland China remained difficult, despite an improvement during the quarter. Kering said the Borsetto and Paparazzo product lines supported demand, alongside attention generated by the Gucci Core show in New York. For the first half, Gucci's comparable revenue fell 5% to €2.76 billion (£2.36 billion). Recurring operating income reached €468 million (£401 million), while its recurring operating margin increased by one percentage point to 17%. Margins improve as store network contracts For the first half, Kering posted recurring operating income of €921 million (£789 million), with a recurring operating margin of 12.8%, up 40 basis points higher year-on-year. Net income attributable to the group came in at €189 million (£162 million). The group completed 84 net store closures during the half of the year, following 75 closures in 2025. It is targeting 100 net closures across 2026. Net debt fell from €8 billion (£6.85 billion) at the end of 2025 to €3.3 billion (£2.82 billion) as of 30 June. The reduction included proceeds from Kering Beauté's sale to L'Oréal and a Milan property transaction. CEO Luca de Meo commented on the latest results: "Kering delivered improved performance in the second quarter, with revenue returning to growth. Across the Group, Theindustry is seeing early signs of progress in brand desirability, commercial momentum and operating performance. "These first-half results demonstrate the positive impact of the decisive measures Theindustry has taken to reinforce the distinctiveness of its brands, simplify its organization and increase effectiveness across the Group. "While the market environment remains demanding, we are focused on delivering our roadmap with discipline and consistency, creating the foundations for sustainable growth and long-term value creation." The results follow the April launch of ReconKering, the group's plan to improve brand desirability, execution and operating efficiency.