July 28, 2020 / 7:32 AM / 7 days ago

European shares edge higher, luxury stocks hit by weak results

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July 28 (Reuters) - European stocks inched higher on Tuesday as investors held out for more U.S. stimulus to limit the economic damage of the COVID-19 pandemic, brushing aside the latest batch of underwhelming quarterly earnings reports from luxury goods makers.

The pan-European STOXX 600 rose 0.3% by 0719 GMT, while the German DAX gained 0.5% and London’s FTSE 100 was up 0.6%.

After worries of a resurgence in coronavirus cases knocked risk sentiment on Monday, investors waited for the conclusion of a U.S. Federal Reserve meeting and talks over another round of fiscal stimulus for the U.S. economy.

Luxury stocks took a hit after LVMH slid 2.8% as store closures sparked by the COVID-19 pandemic tore a hole into the Louis Vuitton owner’s second-quarter sales.

Gucci owner Kering and France’s Hermes slipped, while Moncler, which makes luxury puffer jackets, slid 4% after reporting a first-half operating loss for the first time in its history. (Reporting by Sruthi Shankar in Bengaluru; Editing by Bernard Orr)

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