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European shares higher, led by Burberrry

Source : REUTERS
Last Updated: Wed, Jul 10, 2013 07:30 hrs

LONDON, July 10 (Reuters) - Consumer-focused stocks led European shares higher early on Wednesday after a bullish update from Burberry and analyst upgrades for the likes of Tesco, while weak trade data from China weighed on miners.

Burberry rallied 5.7 percent after the luxury goods brand maintained its full-year guidance as it posted an 18 percent rise in first quarter underlying retail revenue.

UK Retailers Tesco and Wm Morrison and Dutch firm Ahold rose as much as 1.7 percent after Exane BNP Paribas upgraded all three stocks.

The FTSEurofirst 300 rose 2.44 points or 0.2 percent to 1191.39 points, by 0715 GMT.

"The market has a confidence at the moment thus sentiment is too postive to be upset by Italy's downgrade and China's trade data," Basil Petrides, trader at Hartmann Capital, said.




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