Luxury Stocks Rise: Kering's Earnings Boost Limelight Amid BP Decline

The European benchmark share index experienced little movement on Tuesday as BP's shares fell following the suspension of its share buyback program. This downturn was countered by gains in luxury stocks, notably Kering, after a surprisingly strong earnings report.

BP's shares dropped 4% despite posting quarterly profits that met analyst expectations, attributing the fall to its decision to pause buybacks and writing down $4 billion in its renewables and biogas sectors. As a result, the broader energy sector saw a 1.1% dip.

Conversely, luxury shares climbed 1.2%, propelled by a 13.5% rise in Kering as the firm reported a smaller-than-expected drop in fourth-quarter sales under new CEO Luca de Meo. Meanwhile, TUI exceeded its first-quarter operating profit forecasts though future bookings raised concerns, and Thule surged 12.7% on beating revenue expectations.