Luxury stocks buoy European shares before U.S.-China trade talks resume
10/10/2019 at 08:28
(For a live blog on European stocks, type LIVE/ in an Eikon news window)
Oct 10 (Reuters) - Advances in luxury goods makers led European
shares slightly higher on Thursday, but nervousness lingered after
conflicting headlines were reported on Sino-U.S. trade progress ahead
of the top-level negotiations.
The pan-European STOXX 600 index was up 0.1% at 0706 GMT, with
France's CAC 40 rising 0.4% to lead the charge.
French stocks were boosted by a near 5% jump in shares of LVMH ,
after the Louis Vuitton owner beat sales forecasts for the third
Shares of rivals Gucci-owner Kering , Burberry
, Christian Dior and Moncler climbed
between 1.1% and 4.6%.
Minister-level trade talks between the world's top two economies
are set to resume on Thursday. Both sides are attempting to end a
15-month trade war that has hurt global growth 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% 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.
(Reporting by Medha Singh in Bengaluru; Editing by Bernard Orr)
((Medha.Singh@thomsonreuters.com; within U.S. +1646 223 8780, outside
U.S. +91 80 6749 1130; Twitter: ))