European stock indices opened with mixed gains and losses, luxury stocks plummeted.

The European blue-chip index opened with mixed gains and losses, with luxury stocks plummeting. However, hopes for peace in the Middle East boosted other sectors of the market. The French CAC 40 index, which has a high weighting in luxury stocks, fell by 0.6%. Investors were disappointed by the performance of companies such as LVMH and Gucci owner Kering, which fell by 12% and 9.3% respectively. This selling pressure spread to Italian luxury stocks, but their decline was offset by gains in the banking sector and automaker Stellantis, whose stock price rose by 3.6%. The Italian FTSE MIB index remained flat. The German DAX index edged up by 0.15% with the support of rising automotive stocks. Meanwhile, real estate stocks rose after Barratt Redrow maintained its earnings outlook unchanged, leading to a 0.2% increase in the UK's FTSE 100 index. The Spanish IBEX 35 index remained flat, while the Dutch AEX index rose by 0.2%.