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European shares edge higher, luxury stocks dampened by weak results

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European stocks inched higher on Tuesday as investors held out for more U.S. stimulus to limit the economic damage of the COVID-19 pandemic, brushing aside the latest batch of underwhelming quarterly earnings reports from luxury goods makers.

), which makes luxury puffer jackets, shed 4.4% after reporting a first-half operating loss for the first time in its history.

European stocks are on course to end July with gains as hopes of a COVID-19 vaccine and unprecedented economic support for the euro zone lifted appetite for the region’s markets, but fears of a second wave of infections have slowed the pace of gains. Peugeot maker PSA Group rose 3.8% as it held on to its margin target despite a fall in profitability in the first half of 2020, and said a recovery in sales had extended into July.

European automakers .SXAP gained 0.6% as the Ifo institute said export expectations in the German manufacturing sector rose in July, with the automotive industry among the biggest winners. Online takeaway food company Delivery Hero SE jumped 3.8% after it raised its forecast for 2020 sales after nearly doubling quarterly revenues, benefiting from coronavirus lockdowns and investments in ultra-speed deliveries.

 

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