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Luxury stocks, ASML lift European shares in early trading

Published 01/20/2021, 04:32 PM
Updated 01/20/2021, 04:40 PM
© Reuters.
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
Jan 20 (Reuters) - European stocks rose on Wednesday after
Swiss luxury group Richemont and chip equipment maker ASML gave
encouraging earnings updates, while investors hoped for a big
U.S. fiscal relief package as Joe Biden takes over as the next
president.
The pan-European STOXX 600 index .STOXX gained 0.2% in
early trading.
European bourses mirrored an upbeat mood in global markets
after U.S. Treasury Secretary nominee Janet Yellen called for
big fiscal spending by underlining the need to help the
pandemic-stricken economy.
Luxury stocks gave the biggest boost after Richemont CFR.S
posted a 5% increase in quarterly sales, led by strong growth at
its jewellery brands in Asia Pacific and the Middle
East. The group's stock rose 4.8%, rival Swatch Group UHR.S
gained 2.9%, while Britain's Burberry BRBY.L jumped 4.4% after
earnings update. Germany's Hugo Boss BOSSn.DE added 4.6% after Mike
Ashley-led Frasers FRAS.L said it boosted its stake in the
company. ASML Holding NV ASML.AS rose 2.1% after it posted
better-than-expected sales for the fourth quarter and said it
had seen a strong order intake for 2021. Italy's FTSE MIB .FTMIB outperformed after Prime Minister
Giuseppe Conte won a confidence vote in the upper house Senate
on Tuesday, allowing him to remain in office after a junior
partner quit his coalition last week.

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