European shares hit a record high on Friday, boosted by personal goods stocks, with investors also welcoming US President Donald Trump calling for lower interest rates.
The pan-European STOXX 600 was up 0.4% of 0811 GMT, after hitting an all-time closing high in the previous session.
Personal and household goods rose 1.6%, led by Burberry which jumped 14% after the British luxury brand reported a smaller than expected 4% drop in quarterly comparable store sales.
Other luxury stocks such as LVMH and Gucci owner Kering were up 7.8% and 3.2%, respectively.
Mining also surged 2.1% as it tracked a jump in metal prices. Meanwhile, investors were relieved after Trump in his video address to the World Economic Forum in Davos said that he would demand interest rates drop immediately, and that other countries should follow suit.
European stocks rise on Trump’s Davos speech
In a separate interview, the president suggested he could reach a trade deal with China. Key indicator later in the day will be the euro zone flash PMI figures for January, along with separate such number for major regional economies.
Ericsson fell 8.4% after the telecom equipment maker missed fourth-quarter profit expectations.
European shares hit a record high on Friday, boosted by personal goods stocks, with investors also welcoming US President Donald Trump calling for lower interest rates.
The pan-European STOXX 600 was up 0.4% of 0811 GMT, after hitting an all-time closing high in the previous session.
Personal and household goods rose 1.6%, led by Burberry which jumped 14% after the British luxury brand reported a smaller than expected 4% drop in quarterly comparable store sales.
Other luxury stocks such as LVMH and Gucci owner Kering were up 7.8% and 3.2%, respectively.
Mining also surged 2.1% as it tracked a jump in metal prices. Meanwhile, investors were relieved after Trump in his video address to the World Economic Forum in Davos said that he would demand interest rates drop immediately, and that other countries should follow suit.
European stocks rise on Trump’s Davos speech
In a separate interview, the president suggested he could reach a trade deal with China. Key indicator later in the day will be the euro zone flash PMI figures for January, along with separate such number for major regional economies.
Ericsson fell 8.4% after the telecom equipment maker missed fourth-quarter profit expectations.
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