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 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.
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