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European shares lifted by U.S.-China trade optimism; LVMH gains

European shares lifted by U.S.-China trade optimism; LVMH gains
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 22, 2019. REUTERS/Staff -
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(Reuters) – European shares rose for the second straight session on Monday following reports that Washington and Beijing were nearing a trade agreement, while LVMH gained after signing a deal to buy U.S. jewellery chain Tiffany.

A Chinese state-backed tabloid said on Monday China and the United States were “very close” to an initial trade agreement, adding to optimism from Friday, when the presidents of both the countries reiterated their desire for a deal.

The pan-European STOXX 600 index <.STOXX> was up 0.6% at 0802 GMT, led by trade-sensitive miners <.SXPP>.

French luxury goods group LVMH <LVMH.PA> rose 1.7% after saying it had reached a definitive agreement to buy Tiffany & Co <TIF.N> in a $16.2 billion deal.

Focus now turns to the German IFO business sentiment survey due later in the day. Economists expect a reading of 95 for November, slightly higher than the 94.6 recorded in October, according to a Reuters poll.

(Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Shounak Dasgupta)

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