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Europe: Luxury stocks drive fifth day of gains

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[BENGALURU] A late turnaround helped European stocks notch gains for a fifth straight session on Friday, as signs of progress in US-China trade talks and upbeat reports from luxury goods makers dispelled some fears about an earnings and growth slowdown. Read more at The Business Times.

The food and beverage sector led losses on Friday, however, after brewer AB InBev provided a cautious outlook and reported weaker-than-expected quarterly earnings growth, sparked by reduced demand for its beer in Brazil and South Korea."Today's moves seem to have trimmed some of the progress we have seen on the week," said Ken Odeluga, an analyst with City Index in London.

EU ambassadors agreed in principle to a delay beyond the Oct 31 deadline, but will not decide the length of the extension until Monday or Tuesday, an official said. Despite uncertainties around trade and Brexit, the STOXX 600 closed the week with a gain of more than 1 per cent after a handful of industry heavyweights topped low market expectations.Shares in French tyre maker Michelin gained 6 per cent after it maintained its full-year profit guidance even as it cut its forecast again for the global tyre market.

 

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