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European shares edge higher, luxury stocks hit by weak results

Published 07/28/2020, 03:30 PM
Updated 07/28/2020, 03:40 PM
© Reuters.
UK100
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DE40
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LVMH
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PRTP
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HRMS
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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)
July 28 (Reuters) - European stocks inched higher on Tuesday
as investors held out for more U.S. stimulus to limit the
economic damage of the COVID-19 pandemic, brushing aside the
latest batch of underwhelming quarterly earnings reports from
luxury goods makers.
The pan-European STOXX 600 .STOXX rose 0.3% by 0719 GMT,
while the German DAX .GDAXI gained 0.5% and London's FTSE 100
.FTSE was up 0.6%.
After worries of a resurgence in coronavirus cases knocked
risk sentiment on Monday, investors waited for the conclusion of
a U.S. Federal Reserve meeting and talks over another round of
fiscal stimulus for the U.S. economy. Luxury stocks took a hit after LVMH LVMH.PA slid 2.8% as
store closures sparked by the COVID-19 pandemic tore a hole into
the Louis Vuitton owner's second-quarter sales. Gucci owner Kering PRTP.PA and France's Hermes HRMS.PA
slipped, while Moncler MONC.MI , which makes luxury puffer
jackets, slid 4% after reporting a first-half operating loss for
the first time in its history.

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