European Stocks Edge Higher; Richemont Shines After Quarterly Report By Investing.com – Investing.com

European Stocks Edge Higher; Richemont Shines After Quarterly Report By Investing.com – Investing.com

© Reuters.

By Peter Nurse 

Investing.com - European stock markets traded higher Friday, stabilizing after the previous session’s sharp Covid-inspired losses with investors focusing on corporate earnings and the latest Eurozone inflation data.

At 3:55 AM ET (0855 GMT), the in Germany traded 0.2% higher, the in France rose 0.2% and the U.K.’s climbed 0.6%.

The quarterly earnings season is kicking into full gear in Europe, and investors are expecting improvements as the continent reopens from the restrictions imposed to combat the pandemic.

Richemont (SIX:) stock rose 2% after the luxury goods retailer reported its sales more than doubled in the three months to June 30, helped by a strong performance in the Americas from its jewellery brands.

German footwear retailer Puma (DE:) raised its 2021 sales outlook, boosted by strong second quarter demand, especially in North America. However, its stock fell 1.1% with investors seemingly wanting more. 

It was a similar story with Burberry (LON:), as the luxury fashion house reported that its like-for-like sales had risen above pre-pandemic levels for the 13 weeks to June 26, yet its stock fell 2.3%.

Ericsson (BS:) stock slumped almost 10% with the Swedish