STOCKS NEWS EUROPE-Luxury goods lifted by positive news
Shares in European luxury goods firm rise as Hermes (HRMS.PA) lifts its full-year forecast, Swiss watch exports rise 35 percent in June, and Bernstein Research says it expects upgrades across the luxury sector on the back of a stronger-than-expected recovery in the first half.
Shares in Hermes (HRMS.PA) are up 1.6 percent, while European peers Burberry Group (BRBY.L), LVMH (LVMH.PA), PPR (PRTP.PA), owner of Gucci Group, and Richemont (CFR.VX) gain 1.1 to 2.0 percent.
Hermes's second quarter sales are higher than expected and the French luxury group now expects full-year revenue to rise 10-12 percent, against 5 percent previously.
"We expect strong updates from luxury goods companies for the first half, on the back of continuing strength in emerging markets, rebounding demand in the U.S. -- should particularly help wholesale --, accessible comparatives ... and cost control," Bernstein says in a note.
For more on Hermes update, double click on [ID:nLDE66J022]
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