European shares inch towards multi-year high, LVMH rallies

jueves 10 de abril de 2014 08:03 GYT

* FTSEurofirst 300 up 0.1 pct, 1 pct off highest in almost 6 years

* LVMH Q1 sales give luxury goods sector a boost

* M&S shares rise after trading update, then fall back

By Tricia Wright

LONDON, April 10 (Reuters) - European shares inched higher on Thursday after minutes of the U.S. Federal Reserve's latest policy meeting suggested it would be less inclined than anticipated to raise interest rates.

Luxury goods makers surged as Louis Vuitton owner LVMH posted better-than-expected quarterly sales in a key division, easing concerns over the potential impact of turmoil in emerging markets.

"(LVMH's) trading statement highlights further acceleration in Fashion & Leather/Vuitton, a very positive outcome in a context of weak trends as seen or expected at soft luxury peers - Prada, Gucci brand, Hugo Boss, Tod's. This should be sufficient to support the shares near-term," Citi analysts wrote in a note.

Shares in LVMH rose 4 percent, Gucci owner Kering was up 2.1 percent, Christian Dior advanced 2.7 percent, while Richemont progressed by 1.8 percent.

The Fed minutes had fuelled a rally on Wall Street. The market pushed out expectations of a first Fed rate hike by about six weeks, to July 2015, trading in interest-rate futures showed.   Continuación...