(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 STOXX 600 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, Pernod Ricard and Hermes International, 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.
(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Subhranshu Sahu)