European shares edge higher, luxury stocks hit by weak results
Reuters
Published Jul 28, 2020 03:47AM ET
(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 (PA:LVMH) 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 (PA:PRTP) and France's Hermes (PA:HRMS) slipped, while Moncler (MI:MONC), which makes luxury puffer jackets, slid 4% after reporting a first-half operating loss for the first time in its history.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.