Luxury stocks spike on proposed U.S.-Iran peace deal; LVMH up 5%

Luxury stocks saw a sharp uptick after a proposed Iran-U.S. deal outlined a reopening of the Strait of Hormuz and lifting of U.S. oil sanctions, according to Iran state media on Friday. Shares of LVMH , Gucci-owner Kering , and Hermes were up about 5%. Swiss group Richemont rose about 3.4% while the pan-European Stoxx 600 index rose 1.8%. Luxury stocks across the board have been hard hit by the Iran war, as the Middle East was a fast-growing market for the otherwise largely muted sector. …