European stocks rise supported by luxury goods stocks

European stocks rose on Friday, supported by gains in luxury goods stocks, as investors awaited a series of economic data as the end of a difficult quarter approached.

According to Reuters, the European Stoxx 600 index rose 0.6% by 0707 GMT, with attention turning to inflation data in the euro zone scheduled for release later on Friday, which may help determine the course of the European Central Bank’s monetary policy.

Preliminary official data showed that the French inflation rate slowed unexpectedly in September, as the decline in price increases in the food sector outweighed the rise in the energy sector.

Luxury goods stocks increased, such as LVMH and Hermes, each of which rose 2.3 percent, which supported the European index in early trading.

Adidas (ETR:ADSGN) shares jumped 6.2% after the profits of its American counterpart Nike exceeded estimates on Thursday.

The STOXX 600 index is heading to end the third quarter of the year with a decline of 2.3 percent, with the German DAX index lagging behind its peers in the region, incurring a loss of 4.6 percent.

Data showed German retail sales fell unexpectedly in August, as persistent high inflation affected consumption in the euro zone’s largest economy.