European markets fell back on the 29th, as surging crude prices driven by renewed large-scale airstrikes in the Middle East boosted oil stocks, while caution ahead of US monetary policy decisions and earnings from major tech firms weighed on the broader market. London's FTSE 100 extended gains, supported by oil stocks, hitting a new intraday high, but the mid-cap FTSE 250 slipped 0.03%. The STOXX Europe 600 fell 0.29%, snapping a three-day winning streak, with luxury brand stocks sold off. Hermès tumbled 11.0%, while Kering surged 16.9%, highlighting a sharp divergence. In eurozone bonds, Germany's 10-year yield rose 4 basis points to 3.148%, its biggest jump in about two weeks, as higher oil prices stoked inflation concerns. In currencies, the euro traded at 1.1382 dollars, and the dollar at 163.84 yen.
Kering SAKering surged 16.9% as oil stock gains on Middle East tensions boosted the broader market, but the article does not explain a specific driver for Kering's rise; the surge is likely due to company-specific factors not detailed here.
Hermes International SCAHermès tumbled 11.0% amid a sell-off in luxury brand stocks, suggesting weak demand or negative sentiment for the luxury sector.