0858 GMT - Shares in European luxury companies jumped, boosted by Donald Trump's likely victory in the U.S. elections, Morningstar analyst Jelena Sokolova says. The positive reaction could be related to the perception that Trump is more pro-business, which supports the stock market and fuels luxury sentiment in the U.S., a key market for the sector, Sokolova says. "On the flip side, more tariffs on Chinese goods could be a further negative for Chinese economy, which grapples with real estate crisis and is one of the weak spots in luxury currently," she adds. LVMH, Kering, EssilorLuxottica and Richemont trade more than 3% higher, while shares in other luxury companies such as Hermes, Moncler and Burberry jump more than 2%. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
November 06, 2024 04:01 ET (09:01 GMT)
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