European stocks inching higher as investors held out for more U.S. stimulus to limit the economic damage of the COVID-19 pandemic, brushing aside the latest batch of underwhelming quarterly earnings reports from luxury goods makers. The pan-European STOXX 600 rose 0.3% by 0719 GMT, while the German DAX gained 0.5% and London’s FTSE 100 was up 0.6%.
After worries of resurgence in coronavirus cases knocked risk sentiment on Monday, investors waited for the conclusion of a U.S. Federal Reserve meeting and talks over another round of fiscal stimulus for the U.S. economy. Luxury stocks took a hit after LVMH slid 2.8% as store closures sparked by the COVID-19 pandemic tore a hole into the Louis Vuitton owner’s second-quarter sales.