Closing summary
The FTSE 100 index touched a new intraday all-time high of 8092.20 earlier today, and is now trading at 8066, up 0.27% and currently higher than yesterday’s record closing high of 8044 points. UK shares have been lifted by rate cut hopes and a slight easing of geopolitical tensions.
The FTSE is is on track for its sixth consecutive session of gains, the first such winning streak since August 2023.
Brent crude, the global oil benchmark, has dropped 0.4% to $88.10 a barrel.
European stock markets have edged higher, and Wall Street is also up, with the Nasdaq gaining 0.7% boosted by tech stocks such as Tesla.
Our main stories today:
Thank you for reading. We’ll be back tomorrow. Take care – JK
Updated
Prada posts buoyant sales driven by Miu Miu
Italian luxury group Prada has posted 16% revenue growth in the first quarter, on the back of the success of its youth-focused brand Miu Miu.
The family-owned company made sales of €1.19bn in the first three months of the year, above the €1.14bn forecast by analysts, despite a slowdown in the global luxury sector.
Sales at Miu Miu jumped 89%, bringing in €233m for the fashion group, which was founded in 1913 in Milan by Mario Prada. Miu Miu accounts for 15% of group sales. Sales at the flagship label Prada grew by 7%.
This contrasts with Gucci owner Kering’s latest profit warning.
Europe and Asia Pacific, especially Japan, drove the sales growth, while the Americas lagged.
Prada chairman Patrizio Bertelli said:
Over the first quarter, we delivered a solid performance in a more challenging market environment.
Chief Executive Andrea Guerra added:
While the industry is experiencing new dynamics, we retain our ambition to deliver solid, sustainable and above market growth.
