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Nov 11 (Reuters) – European shares opened higher on Friday as news of China easing its stringent COVID rules boosted commodity-linked stocks as well as luxury goods retailers, which also got a lift from Richemont’s better-than-expected sales and margins.
The STOXX 600 index .STOXX advanced 0.4% by 0812 GMT, with Swiss luxury group Richemont CFR.S surging 10.9% to the top of the index.
China-exposed luxury giants LVMH LVMH.PA, Kering PRTP.PA, Pernod Ricard PERP.PA and Hermes International HRMS.PA rose between 1.2% and 3.7% to boost the euro zone blue-chips index .STOXX50E by 0.7%.
The European basic resources sector index .SXPP jumped 2.5%, while energy stocks .SXEP rose 0.4% as prices of base metals and oil shot up. O/RMET/L
China eased some of its COVID rules, including shortening quarantines by two days for close contacts of infected people and for inbound travellers and removing a penalty for airlines for bringing in too many cases.
Market sentiment was largely positive since the previous session when a smaller-than-expected rise in October U.S. inflation bolstered hopes of less aggressive interest rate hikes from the Federal Reserve going ahead.
(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Savio D’Souza)
((Shreyashi.Sanyal@thomsonreuters.com; +1 646 223 8780; +91 961 144 3740; Twitter: https://twitter.com/s_shreyashi;))
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