European shares advance, led by Richemont luxury goods‎

European stocks rose today, Friday, after the strong results of the Richemont Group boosted the performance of the luxury goods sector, while investors were assessing inflation data in France and Spain in search of clues about the European Central Bank’s plans to raise interest rates.

According to “Reuters”, the European Stoxx 600 index rose 0.4 percent by 0718 GMT, and is heading to achieve slight positive results for the week as a whole.

Shares of luxury goods group Richemont jumped 5.5 percent to a record high, boosted by better-than-expected results after strong Chinese consumer demand for jewelry and watches boosted net profit and sales in the 12 months to March.

Other luxury goods companies, such as Kering and LVMH, rose more than 1 percent.

Data showed that consumer prices in Spain rose 4.1 percent in the 12 months to April, while inflation in France increased 6.9 percent. Inflation in each of them was in line with expert estimates

Shares in troubled Swedish real estate company SBB, whose shares fell recently due to debt concerns, rose 2.9 percent after selling most of its shares in construction firm JM for 2.8 Swedish crowns ($275.8 million). (JM) shares also rose 2.6 percent

French bank Societe Generale rose 0.3 percent after recording better-than-expected quarterly revenue.