Luxury shares lift Europe's STOXX 600

Kitco Media
By Reuters
Published:
Updated:
Reuters
(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window) April 13 (Reuters) - European shares edged higher on Thursday, supported by gains in luxury stocks after LVMH's strong first-quarter sales report and hopes of a pause in the U.S. Federal Reserve's rate hike cycle following cooler-than-expected inflation data. The pan-European STOXX 600 rose 0.3% by 0710 GMT as investors looked past hawkish comments by Europe's central bankers. The blue-chip STOXX 50 index edged 0.4% up after hitting its highest level in 22 years on Wednesday. LVMH , the world's largest luxury company, gained 4.5% on reporting a 17% rise in first-quarter sales that breezed past estimates as business in China rebounded sharply. Luxury peers such as Richemont and Hermes added 3.8% and 2.9%, respectively. UK's FTSE 100 was flat after data showed Britain's economy failed to grow as expected in February as strikes by public workers hit output. Investors awaited a speech by European Central Bank President Christine Lagarde and a host of other central bankers at the IMF/World Bank Spring meetings in Washington DC. Euro zone's industrial production data for February, due later in the day, is also in focus. (Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Saumyadeb Chakrabarty)

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