Adidas, LVMH steer European shares higher on earnings relief
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LVMH climbs as quarterly sales placate industry concerns
Adidas at over two-year high on hiked forecast, strong Q1
ASML slides on bleak new bookings in Q1
Royal Mail owner rebuffs bid from Czech billionaire Kretinsky
Updates with closing prices
By Ozan Ergenay, Johann M Cherian and Ankika Biswas
April 17 (Reuters) -European shares gained onWednesday after a bruising sell-off in the previous session, supported by healthy quarterly results from consumer giants LVMH and Adidas, while investors also kepta cautious watch on developments in the Middle East.
The continent-wide STOXX 600 .STOXX closed0.2% higher, after notching its biggest one-day drop in over nine months on Tuesday, with thepersonal and household goods sector .SXQP jumping1.8%.
Adidas ADSGn.DE soared 8.6% to an over two-year high, topping Germany's blue-chip index .GDAXI, as the sportswear company hiked its outlook for 2024 after posting better-than-expected preliminary results for the first quarter.
LVMH LVMH.PA climbed2.8% after the world's largest luxury group's first-quarter salesoffered some reassurance to investors concerned about the industry's outlook.
With other luxury names Hermes HRMS.PA and Richemont CFR.S climbing2.3% and 3.0%, respectively, the broader sector .STXLUXP gained1.8%.
"Resilient global growth and improving consumer and business confidence should allow for favourable first-quarter earnings," said Joaquin Kritz Lara, chief economist at Numera Analytics.
Capping gains, technology stocks.SX8F dropped 3.2%, hauled down by ASML's ASML.AS 6.7% slide after Europe's biggest tech firm reported weaker-than-expected first-quarter new bookings.
With interest rates at record highs, investors are keeping a close eye on the health of corporate Europe this earnings season. Technology stocks are in thespotlight, having spearheaded the STOXX 600'srally since late last year on euphoria around artificialintelligence.
First-quarter profits are expected to have declined 12.1% year-on-year, according to LSEG data on Tuesday.
Data showed euro zone inflation slowed across the board in March, reinforcing expectations for a European Central Bank interest rate cut in June, even as rising energy costs and a weak euro cloud the outlook.
On the policy front, ECB board memberPiero Cipollone noted plenty of fresh data in June and July could bolster the case for rate cuts, while Bundesbank PresidentJoachim Nagel highlighted euro zone's price pressure could continue for some time.
Among top stocks, International Distributions Services IDSI.L jumped28.9% to top the STOXX 600. Czech billionaire Daniel Kretinsky isworking on improving an offer for the owner of Britain's Royal Mail, after his investment vehicle said its non-binding bid was rejected.
Naturgy NTGY.MCjumped 6.1% after Abu Dhabi's TAQA TAQA.ADconfirmed talks with the Spanish energy firm's three largest shareholders over a possible takeover bid.
German automotive supplier Continental CONG.DE dropped5.5% after afirst-quarter revenue and profit margin miss.
Just Eat Takeaway TKWY.ASshed 4.5% after the food delivery company missedfirst-quarter total orders estimates.
Reporting by Johann M Cherian and Ankika Biswas in Bengaluru and and Ozan Ergenay in Gdansk; Editing by Savio D'Souza and Toby Chopra
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