European stocks rise, supported by a boost from Kering shares

European stocks rose today, Wednesday, supported by a boost from Kering shares after it appointed a new CEO for Gucci, while shares rose in London after data showed a slower-than-expected inflation in Britain.

According to “Reuters”, the European Stoxx 600 index rose 0.5% by 0706 GMT, extending its gains for the second consecutive session.

Kering shares jumped 6.5% after the French luxury goods group appointed Managing Director Jean-Francois Palos on Tuesday as Gucci’s new CEO and president for a transitional period, as current president Marco Bizzarri leaves on September 23.

Meanwhile, London’s export-sensitive FTSE 100 advanced 2%, as sterling fell after data showed British inflation fell more than expected in June and hit its slowest level in more than a year.