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

by Mike Robinson

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© Reuters. FILE PHOTO – The graph of the German share price index DAX is pictured at Frankfurt Stock Exchange, Germany on November 11, 2021. REUTERS/Staff

(Reuters) – European shares reached record heights Friday thanks to strong earnings by Richemont, Cartier’s owner.

As of 0828 GMT the pan-European had risen 0.1%, reaching a new high in early trading.

Richemont surged 7.8%, beating its profit estimates in half the fiscal year. Richemont announced it is looking for investors to purchase Yoox(MI:), its business that produces loss-making Yoox. Its move was widely anticipated to placate shareholders.

Gains in personal and household stocks were led by luxury company LVMH, which jumped 1.5% following news that Louis Vuitton planned to open its first China duty-free boutique.

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 (OTC 🙂 saw a 2.1% increase after exceeding profit expectations and raising its full-year forecast for the third consecutive year. This was due to growing subscribers at its U.S. subsidiary T-Mobile.

Atlantia, an Italian infrastructure company, rose 1.2% following a higher 2021 forecast. Vopak, a Dutch oil storage and chemical group, meanwhile, gained 0.3% after surpassing quarterly profits estimates.

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