U.S stocks rise on luxury earnings; rand at record low
BNN Bloomberg
Stocks rose as investors found confidence in strong earnings from Cartier maker Richemont and signs that U.S. lawmakers are making progress on a deal to raise the debt-ceiling.
Richemont gained 7.8 per cent to a record, fueling a broad rally across European luxury stocks. S&P 500 futures traded higher after President Joe Biden and House Speaker Kevin McCarthy postponed a meeting on the debt ceiling that was planned for Friday. The delay reflects progress in staff-level discussions, according to people familiar with the talks.
“We believe that they will find a deal — we need to remember negotiations have only just started,” said Marie Jacot-Cardoen, chief executive officer of Edmond de Rothschild Asset Management France, on Bloomberg Television. “It is likely political antagonism will increase before deal is reached, but we believe a compromise will be found.”
Globally, stock markets have seesawed this week on mixed U.S. economic data and ongoing worries about the debt ceiling. While tech stocks have continued to outperform, with the Nasdaq 100 Index climbing one per cent so far this week, there's plenty of skepticism about the industry.
