European stocks close higher

Manama, May 12 (BNA): European stocks rose today after the strong results of the Richemont Group, which boosted the performance of the luxury goods sector.

Investors are also assessing inflation data in France and Spain for clues about the European Central Bank’s plans to raise interest rates.

Luxury goods group Richemont rose 7.5 percent after results for the full year to the end of March showed operating profit rose to an all-time high of 5.031 billion euros ($5.491 billion).

Sales at the Swiss company also hit a new record of 19.9 billion euros, ahead of estimates.


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