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

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Economy44 minutes ago (Nov 12, 2021 08:53)

© Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 11, 2021. REUTERS/Staff

(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 (MI:YNAP) business, in a move widely expected to appease shareholders.

Personal and household stocks led gains as luxury firm LVMH (PA: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 (DE:DTEGn) 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.

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

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