© Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 3, 2022. REUTERS/Staff
(Reuters) – European shares opened higher on Friday, with luxury stocks and miners leading the advance on hopes that China will soon ease its strict COVID-19 curbs.
The rose 0.7% by 0813 GMT, with miners jumping 3.2%, ahead of data which will likely show the smallest U.S. job additions in nearly two years in October and a small increase in the unemployment rate.
Luxury giants, including LVMH, Kering (EPA:), Pernod Ricard (EPA:) and Hermes International (OTC:), climbed between 0.9% and 2.5%. A report said Kering was in advanced discussions to buy fashion brand Tom Ford.
Both the sectors have major exposure to China, the world’s second-largest economy. Recent unsubstantiated social media posts stating China may relax its COVID rules in March has lifted investor optimism.
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