European stocks hit one-week high on easing oil, yields; LVMH drags luxury stocks

Business Recorder reported that European stocks climbed to their strongest level in a week on Tuesday, with the pan-European STOXX 600 gaining 0.61% to 639.54 points by 0849 GMT. Cheaper oil and softer bond yields lifted sentiment, although weak third-quarter sales at LVMH pulled luxury shares lower.

London's FTSE 100 gained about 0.8%, leading the regional indexes as financial firms provided support. Oil slipped as traders weighed attacks on Saudi Arabia against talk of extra diesel shipments from Russia, while euro zone yields eased along with Treasuries as a tech sell-off nudged investors toward government debt. Lauren Hyslop of Mattioli Woods said European equities are balancing solid earnings against higher borrowing costs.

Chemicals rose 1.7% and banks advanced 1%, while technology stocks fell 0.9% amid concerns that China is narrowing its technology gap after CXMT reported faster progress in memory chips. LVMH fell 1.3% and Givaudan rose 7.4% after its third-quarter organic sales beat forecasts. Nokia dipped 1.7% after agreeing to sell its Enterprise Campus Edge unit to Aurelius, and ASML, which reports Wednesday, slid 1.8%.