(Reuters) – European stocks rose Wednesday after Swiss luxury group Richemont and chipmaker ASML released confident earnings updates, while investors hoped for a major U.S. fiscal relief package as Joe Biden takes over as the next president.
The pan-European STOXX 600 index gained 0.2% in early trading.
European bonds were showing positive sentiment in global markets after U.S. Treasury Secretary Janet Yellen called for massive fiscal spending by emphasizing the need to help a pandemic economy.
Luxury stocks saw the biggest rise after Richemont saw a 5% rise in quarterly sales, driven by strong growth at its Asia Pacific and Middle East jewelry brands.
The group’s stock rose 4.8%, a Swatch Group competitor gained 2.9%, while British Burberry jumped 4.4% after a earnings update.
Hugo Boss of Germany posted 4.6% after Mike Ashley-led Mike Ashley said it sparked their interest in the company.
ASML Holding NV rose 2.1% after posting better-than-expected sales for the fourth quarter and said it had seen a strong order for 2021.
Italy’s FTSE MIB failed after Prime Minister Giuseppe Conte won a vote of confidence in the upper house Senate on Tuesday, allowing him to remain in office after a young partner of his coalition resigned from the coalition. last week.
Reporting by Amal S in Bengaluru; Edited by Shailesh Kuber