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European Stocks rise driven by Stellantis and Luxury Firms

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Por Sruthi Shankar

Jan 18 (Reuters) – European stocks rose on Monday, as a rise in carmaker Stellantis and papers linked to the luxury sector helped reverse previous losses related to fears about the economic recovery and a decline in France’s Carrefour .

* The pan-European STOXX 600 Index gained 0.2% after a volatile session. The operations were contained due to the closure of Wall Street for a holiday in the United States.

* Germany’s benchmark DAX advanced 0.4%, driven by a 4.8% jump in Adidas shares, while Britain’s FTSE 100 fell 0.2% and France’s CAC 40 had a 0 rise ,1%.

* Stocks from luxury companies such as Richemont and LVMH were among those with the strongest support for the STOXX 600 after positive recommendations from brokerages.

* Markets in Europe did not benefit much from data showing a better-than-expected quarterly rebound in the Chinese economy, as investors fear that tough coronavirus restrictions and potential challenges to vaccine supplies could slow growth in the region in the first quarter.

* Investors also focus on political developments in Rome, as Prime Minister Giuseppe Conte faces two days of votes in Parliament that will decide whether his fragile coalition can stay in power.

* Italian stocks performed better, however, as Stellantis jumped 7.6% on its first day of trading following the completion of the $ 52 billion merger between Fiat Chrysler and PSA. Its titles advanced 6.9% on the Paris stock market.

* Additionally, Carrefour plunged 6.9% after a potential € 16.2 billion ($ 19.6 billion) acquisition by Canadian rival Alimentation Couche-Tard flopped over the weekend.

* The paper wiped out nearly all of its earnings since the potential deal was announced last week, which the French government opposed. (Report by Sruthi Shankar in Bengaluru, Edited in Spanish by Manuel Farías)

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