European Stocks Advance as Bond Yields Cool; Luxury Ticks Higher

-- European shares rose on Wednesday as a pullback in bond yields lifted investor broader sentiment, driving gains in sectors such as Luxury.Trump's Wealth Has Jumped $500 Million Since He Left the White HouseThe Stoxx Europe 600 Index closed 0.3% higher, reversing an earlier drop of as much as 0.4%. Luxury and retail stocks were among the biggest outperformers, along with weight-loss drug maker Novo Nordisk.

Federal Reserve Chair Jerome Powell did not comment on the outlook for monetary policy or the economy at a conference — a temporary relief ahead of more Fed speakers this week. An upbeat set of earnings from the likes of Marks & Spencer Group Plc, Vestas Wind Systems A/S and Genmab A/S also helped sentiment. Dutch grocer Royal Ahold Delhaize NV and ABN Amro Bank NV were among the weak spots.

Powell said Wednesday the central bank must be willing to think beyond the complex mathematical simulations it traditionally uses to forecast the economy. He will be speaking again on Thursday at a panel on monetary policy challenges. At the European Central Bank, Governing Council member Martins Kazaks said on Wednesday that the central bank can reduce borrowing costs once it’s sure consumer-price gains are headed back to the 2% target.

European shares have rebounded in November after reaching their lowest level in nearly 10 months as sentiment was hit by concerns over rising bond yields and war in the Middle East. The main regional benchmark is now less than 5% higher this year.M&A Watch Europe: Ahold Delhaize, Hamburger Hafen, FreseniusUS Stock Futures Unchanged; Durect, Nerdy FallYou want more news on this market? Click here for a curated First Word channel of actionable news from Bloomberg and select sources.

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