European Stocks Tick Up as LVMH, Adidas Help Offset Tech Selloff
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European stocks ended the day slightly higher as LVMH’s reassuring results and Adidas AG’s surge on profit forecast offset tech’s sharp selloff.
The Stoxx Europe 600 Index pared some earlier gains and was up 0.2% by the close in London. Luxury goods stocks including Hermes International, Burberry Group Plc and Richemont gained after LVMH earnings soothed worries over luxury demand. Asos Plc jumped as it expects profit to rise in its next fiscal year as the online fashion retailer’s turnaround starts to take hold.