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

European shares notch new highs as Richemont leads surge in luxury stocks
European shares notch new highs as Richemont leads surge in luxury stocks   -   Copyright  Thomson Reuters 2021
By Reuters

– European shares hit record highs on Friday, with luxury stocks flying high on the back of strong earnings from Cartier-owner Richemont.

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

Richemont surged 7.8% after beating profit estimates in the first half of the fiscal year and saying it is seeking investors for its loss-making Yoox business, in a move widely expected to appease shareholders.

Personal and household stocks led gains as luxury firm LVMH jumped 1.5% after news that Louis Vuitton was planning to open its first duty-free store in China.

Oil stocks fell 0.5% as crude prices were dented by a firmer U.S. dollar owing to market bets of an earlier-than-expected Federal Reserve rate hike. [O/R]

Deutsche Telekom climbed 2.1% after beating profit expectations and raising its full-year outlook for the third time, boosted by growing subscribers in its U.S. unit T-Mobile.

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