The expected recovery of Chinese consumption boosts HSBC to raise ratings for LVMH and Kering Group. European luxury goods stocks rise in response.

According to the Wise Finance APP, European luxury goods stocks rose on Tuesday after HSBC Holdings raised its ratings on luxury industry giants LVMH Group and Kering Group due to optimism about the potential brought by the recovery of Chinese consumption. Data shows that LVMH Group's stock price rose by 4% at one point, while Kering Group's stock price rose by nearly 5%. A basket of luxury goods stocks from Goldman Sachs also rose by 2.4% at one point, although it is still more than 20% lower than the historical high point in February.