Europe’s STOXX 600 boosted by Kering; UK stocks shine

European shares rose on Wednesday on a boost from shares of Kering (LON:0IIH) after it named Gucci’s new CEO, while London stocks firmed after data showed a faster-than-expected slowdown in British inflation.

The pan-European STOXX 600 index was up 0.5% by 0706 GMT, extending gains to the second straight session.

Kering jumped 6.5% after the French luxury goods group on Tuesday named managing director Jean-Francois Palus as Gucci’s new CEO and president for a transitional period, with incumbent Marco Bizzarri to leave on Sept. 23.

Meanwhile, London’s export-oriented FTSE 100 index advanced 1.0% as the pound slipped following data that showed British inflation fell by more than expected in June and was its slowest in more than a year.

Among other companies, Swedish bank Handelsbanken slipped 3.6% even after topping second-quarter profit estimates.

Wacker Chemie slipped 2.3% after the German chemicals maker on Tuesday cut its 2023 outlook.