European shares propped up by upbeat earnings

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The pan-European STOXX 600 index (STOXX) rose 0.8% by 0711 GMT, resuming gains after posting small weekly losses.

With European third-quarter earnings set to recover from a pandemic-led slump, health technology company Philips (AS:PHG) rose 3.2% as it reported a much better-than-expected 32% jump in core earnings.

Julius Baer (S:BAER) gained 5.3% after it indicated an improvement in profitability for the first nine months of 2020 as client activity increased and it cut costs.

Danone (PA:DANO), the world’s largest yoghurt maker, advanced 2.3% as it reinstated its forecasts for 2020 and said it was launching a review of its assets.

Luxury stocks such as LVMH (PA:LVMH), Hermes (PA:HRMS) and Pernod Ricard (PA:PERP) rose more than 1% after China reported a better-than-expected retail sales growth in September.

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