European shares open higher, supported by luxury goods, ‎mining companies

European shares started trading higher on Friday, with luxury goods and mining companies leading the upward trend amid hopes that China will soon ease its strict restrictions related to the fight against Corona.

According to “Reuters”, Stoxx 600 index rose 0.7% by 0813 GMT, supported by a 3.2% rise in mining stocks, before data likely to show that new jobs in the United States were in October at the lowest level in nearly two years, as well as a slight increase in the unemployment rate.

Shares of luxury goods giants including LVMH, Kring, Pernod Ricard and Hermes International rose between 0.9 percent and 2.5 percent. A report indicated that Kring is in advanced discussions to buy fashion brand Tom Ford

Both sectors have significant exposure to China, the world’s second largest economy. Unconfirmed posts recently circulating on social media said that China may relax Covid rules in March, boosting investor sentiment.