LIVE MARKETS-Bouncing back

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BOUNCING BACK

It's another up-morning for the STOXX 600, as markets continue to enjoy more hints of easing on the tariff front, both for their own sake and because stocks bulls hope the hints could presage yet more easing, though luxury is under pressure.

The STOXX .STOXX is up 1.2% on the day and now just around 10% below its March closing high. Does that count as an "un-correction"?

Autos are doing well, up 2.4%, the best sectoral gainer after U.S. President Donald Trump said he was considering a modification to the 25% tariffs imposed on foreign auto and auto parts imports from Mexico, Canada and other countries.

But there is negative news out there too, as LVMH earnings have cast doubt on the health of the U.S. high-end consumer even in the first quarter, before the tariff war ramped up.

The luxury giant's shares are down 6.5% after it reported soft results, which dragged on luxury stocks across the board.

Rival Hermes managed a brief period with its market cap above LVMH's this morning, making it the world's biggest luxury company by market cap, as well as Europe's third largest and France's biggest, but it couldn't hold.

(Alun John)

EARLIER LIVE MARKETS POSTS

EUROPE BEFORE THE BELL: LVMH EARNINGS WREST FOCUS FROM TARIFFS CLICK HERE

MORNING BID: TAXES AND TARIFFS ON THE MIND AS RELIEF RALLY LIMPS ALONG: CLICK HERE