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Luxury stocks buoy European shares before U.S.-China trade talks resume

Published 10/10/2019, 03:28 PM
Updated 10/10/2019, 03:30 PM
Luxury stocks buoy European shares before U.S.-China trade talks resume
FCHI
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DE40
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LVMH
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PRTP
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BRBY
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DIOR
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STOXX
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MONC
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(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 .STOXX was up 0.1% at
0706 GMT, with France's CAC 40 .FCHI rising 0.4% to lead the
charge.
French stocks were boosted by a near 5% jump in shares of
LVMH LVMH.PA , after the Louis Vuitton owner beat sales
forecasts for the third quarter.
Shares of rivals Gucci-owner Kering PRTP.PA , Burberry
BRBY.L , Christian Dior DIOR.PA and Moncler MONC.MI 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 .GDAXI 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.

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