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Jan 19 (Reuters) – European shares slipped again on Wednesday as U.S. Treasury yields hit new highs, while luxury stocks stood out on upbeat trading updates from Richemont and Burberry.
The pan-European STOXX 600 index skidded 0.1% by 0812 GMT after hitting a one-week low in the previous session.
The U.S. 10-year and five-year Treasury yields held near two-year highs, while global tech stocks sold off as investors fretted over inflation and braced for tighter U.S. monetary policy.
The benchmark German 10-year bond yield rose above 0% for the first time since May 2019.
Retail stocks outperformed the benchmark, jumping 1.7%, after a slew of shining earnings results.
British luxury brand Burberry advanced 3.8% after saying a strong performance in outerwear and leather goods and a material improvement in Asia and Europe accelerated growth in its quarterly full-price sales.
Cartier owner Richemont climbed 6.9% after the world’s second largest luxury group said strong demand for its jewellery and watches in the Americas and Europe helped quarterly sales rise by nearly a third.
ASML Holding NV, a key supplier to computer chipmakers, gained 1.4% after posting better-than-expected quarterly profit and saying it expected sales growth of 20% in 2022. (Reporting by Anisha Sircar in Bengaluru; Editing by Subhranshu Sahu)
