European shares open higher, supported by luxury goods and mining companies

European shares opened higher on Friday, with luxury goods and mining companies leading the upward trend amid hopes that China will soon ease its strict restrictions related to the fight against the Coronavirus.

The Stoxx 600 index rose 0.7% by 0813 GMT, supported by a 3.2% jump in mining stocks, before data likely to show that new jobs in the United States in October were at their lowest level in nearly two years, as well as a slight increase in the Unemployment rate.

Luxury goods giants, including LVMH, Kring, Pernod Ricard and Hermes International, rose between 0.9 percent and 2.5 percent. A report indicated that Kring is interested in buying the fashion brand Tom Ford.

Both sectors have significant exposure to China, the world’s second-largest economy. Unconfirmed posts recently circulating on social media said China may relax Covid rules in March, boosting investor sentiment.