LVMH boosts European shares to one-week high; trade optimism lingers

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French luxury goods group LVMH's deal to buy U.S. jewelry firm Tiffany boos...

All the major European subsectors were trading higher, led by trade-sensitive miners .SXPP, which hit a two-week high after a report that China and the United States were “very close” to an initial trade agreement.

“A ‘phase one’ deal is now priced into markets; there isn’t much upside that will come from that unless they announce something like a complete rollback of the tariffs imposed that doesn’t really seem likely,” said Simona Gambarini, markets economist at Capital Economics. A reading of the German IFO business climate index rose slightly in November from the previous month, but indicated that manufacturing in Europe’s powerhouse was still stuck in a recession.

 

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