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European Bourses Higher On Luxury, Auto Issue Strength, US Stimulus Outlook

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Last updated: 10/16/2020 07:46:53

07:46 AM EDT, 10/16/2020 (MT Newswires) -- European stock markets are trading higher Friday, even as the fiscal stimulus stalemate in Washington undercuts sentiments in US markets. Still, analysts in Europe cite a pending Democratic Party victory at Nov. 3 polls as possibly leading to large stimulus package after elections. Moet Hennessy Louis Vuitton, the Paris-based purveyor of luxury goods, is up 6.3% on rising Vuitton sales, boosting other fashion stocks. German automaker Daimler is up 4.3% after its Q3 profit report and forecast.

The Stoxx Europe 600 is 0.9% higher, while the UK's FTSE 100 is up 1.3%. The CAC 40 in Paris is up 1.5% and the DAX in Frankfurt is up 0.9%.

Brent crude oil is trading at $42.76, off 0.6% overnight.

German 10-year sovereign bonds offer a negative 0.63% yield, nearing an all-time record low interest rate for the bunds.

The Euro STOXX 50 Volatility index is trading near 26.84, up 15.5% from Thursday, and edging closer to levels indicating volatility ahead for European stock markets.

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