European shares notch new highs as Richemont leads surge in luxury stocks

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FILE PHOTO: The German stock price index DAX graph is pictured on the stock exchange in Frankfurt, Germany, November 11, 2021. Businesshala / Staff
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(Businesshala) – European stocks hit record highs on Friday, with luxury stocks soaring higher on strong earnings from Cartier-owner Richemont.

The pan-European STOXX 600 was up 0.1% as of 0828 GMT, hitting a new high in early trading.

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Richmont rose 7.8% after beating profit estimates in the first half of the fiscal year and said it was seeking investors for its loss-making Yokes business, in a widely expected move to please shareholders. Used to be.

Luxury firm LVMH jumped 1.5% on gains in private and domestic stocks following news that Louis Vuitton was planning to open its first duty-free store in China.

Oil stocks fell 0.5% as crude prices eased due to market bets on the Federal Reserve rate cut earlier on the back of a stronger US dollar. [O/R]

Deutsche Telekom climbed 2.1% after beating profit expectations and raising its full-year outlook for the third time, boosted by rising customers at its US unit T-Mobile.

Italian infrastructure firm Atlantia rose 1.2% after raising its 2021 forecast, while Dutch oil and chemical storage group Vopak also rose 0.3% after beating quarterly profit estimates.

Reporting by Anisha Sarkar in Bengaluru; Editing by Anil D’Silva

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