Luxury stocks buoy European shares before US-China trade talks resume

French stocks were boosted by a near 5 per cent jump in shares of LVMH, after the Louis Vuitton owner beat sales forecasts for the third quarter. — Reuters pic
French stocks were boosted by a near 5 per cent jump in shares of LVMH, after the Louis Vuitton owner beat sales forecasts for the third quarter. — Reuters pic

LONDON, Oct 10 — Advances in luxury goods makers led slightly higher today, but nervousness lingered after conflicting headlines were reported on Sino-US trade progress ahead of the top-level negotiations.

The pan-European STOXX 600 index was up 0.1 per cent at 0706 GMT, with France’s CAC 40 rising 0.4 per cent to lead the charge.

French stocks were boosted by a near 5 per cent jump in shares of LVMH, after the Louis Vuitton owner beat sales forecasts for the third quarter.

Shares of rivals Gucci-owner Kering, Burberry , Christian Dior and Moncler climbed between 1.1 per cent and 4.6 per cent.



Minister-level trade talks between the world’s top two are set to resume today.

Both sides are attempting to end a 15-month trade war that has hurt and dented business confidence.

Markets have been particularly volatile this week due to the back and forth in trade related news. A latest report suggested that the two-day negotiations could be cut short by a day, dampening hopes of progress.

Meanwhile, Germany’s export-reliant DAX lagged its peers, down 0.1 per cent as the fallout from the trade war continued to be manifested in dour economic data.

The latest report from Germany showed exports fell by more than expected in August, reinforcing expectations that a manufacturing slump is pushing Europe’s largest economy into recession. — Reuters

Source: The Malay Mail Online





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