European shares rise as luxury stocks, autos gain on results

miércoles 27 de julio de 2016 03:22 GYT
 

LONDON, July 27 (Reuters) - European shares rose in early trading on Wednesday, led higher by auto stocks, with several companies such as luxury group LVMH and France's Peugeot advancing after their results.

The pan-European STOXX 600 index rose 0.6 percent, while the FTSEurofirst 300 was up 0.4 percent.

France's LVMH was up 5.8 percent after its fashion and leather Q2 sales beat forecasts, helped by solid demand in the United States and improved trading in Asia, excluding Japan. It was on track for its biggest one-day gain since Feb 2015.

Luxury peers Christian Dior and Kering also gained 4 percent and 2.9 percent respectively.

Auto stocks were the top sectoral gainers, up 2.4 percent, following a well-received update from France's Peugeot , which jumped 7.5 percent.

Volkswagen gained 2.9 percent after a $14.7 billion settlement of its U.S. diesel emissions cheating scandal cleared another legal hurdle as a federal judge gave the automaker preliminary approval to buy back up to 475,000 vehicles. [nL1N1AC117}

Chemicals company BASF, however, fell 3 percent after reporting a drop in Q2 profit. (Reporting by Kit Rees)