European stocks climb as LVMH boosts luxury sector

European stocks climbed on Wednesday as upbeat results from France's LVMH sparked a rally in luxury groups and quelled concerns that slowing global growth and tariff wars are taking a toll on corporate health.

LVMH shares surged more than 12%, set for their best one-day gain in almost two years, after the company reported better-than-expected sales in the third quarter, driven by improved demand in China.

Other luxury stocks such as Hermes, L'Oreal , Richemont and Moncler rose in the range of 2.7% and 7.2%.


The luxury-heavy French blue-chip index jumped 2.5%, while the Europe-wide STOXX 600 index rose 0.8%.

Further helping the mood, ASML rose 3.5% after the world's biggest supplier of computer chip-making equipment beat market expectations for third-quarter orders and fourth-quarter forecasts.

German copper producer Aurubis shed 7.1%, with a trader pointing to majority shareholder Salzgitter launching a 500 million euro bond offer exchangeable for Aurubis shares as the reason for the drop.