(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)
@BansariKamdar;))
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