(Reuters) -European stocks climbed on Wednesday as upbeat results from France’s LVMH sparked a rally in luxury groups and quelled concerns that slowing global growth and tariff wars are taking a toll on corporate health.
LVMH shares surged more than 12%, set for their best one-day gain in almost two years, after the company reported better-than-expected sales in the third quarter, driven by improved demand in China.
Other luxury stocks such as Hermes, L’Oreal, Richemont and Moncler rose in the range of 2.7% and 7.2%.
The luxury-heavy French blue-chip index jumped 2.5%, while the Europe-wide STOXX 600 index rose 0.8%.
Further helping the mood, ASML rose 3.5% after the world’s biggest supplier of computer chip-making equipment beat market expectations for third-quarter orders and fourth-quarter forecasts.
German copper producer Aurubis shed 7.1%, with a trader pointing to majority shareholder Salzgitter launching a 500 million euro bond offer exchangeable for Aurubis shares as the reason for the drop.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Eileen Soreng)
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