Luxury goods stocks lead European Stoxx 600 index higher

European stocks rose today, Thursday, supported by gains in luxury stocks after a report showed that fashion company LVMH achieved strong sales in the first quarter and on hopes that the Federal Reserve will stop the monetary tightening cycle after inflation data came out less than expected. ..

According to “Reuters”, the European Stoxx 600 index rose 0.3 percent by 0710 GMT.

The Stoxx 50 blue-chip index rose 0.4 percent after hitting a 22-year high on Wednesday.

LVMH, the world’s largest luxury company, jumped 4.5 percent after announcing a 17 percent increase in first-quarter sales that exceeded previous estimates as business in China rebounded significantly.

Shares of other companies such as Swiss luxury goods Richemont rose 3.8 percent and French Hermes rose 2.9 percent.

In Britain, there was little change in the FTSE 100 index after data showed that the British economy failed to achieve growth as expected in February, as public sector workers’ strikes affected production.