Europe open: Shares up on peace talks hopes; Luxury stocks slump

(Sharecast News) - European shares edged higher in cautious trade as traders assessed US President Donald Trump's claims that peace talks with Iran could resume soon. The pan-regional Stoxx 600 was flat at 0821 BST. Germany's DAX and Italy's MIB made small gains, but France's CAC 40 fell 0.59% after consumer prices in France rose 2.0% year-on-year in March slightly above analysts' expectations and a preliminary reading of a 1.9% rise published earlier this month.

Oil prices were mixed, despite the US blockade on the Strait of Hormuz and no sign of any other shipping traversing the key waterway. Brent crude was up 0.18% to $94 a barrel, while West Texas Intermediate fell 0.26% to $91.

In an interview with US broadcaster ABC Trump said: "I think you're going to be watching an amazing two days ahead."

"It could end either way, but I think a deal is preferable because then they can rebuild ...They really do have a different regime now. No matter what, we took out the radicals."

In equity news, luxury stocks were under the pump as wealthy Middle Eastern shoppers shunned European travel due to the Iran conflict.

Shares in Hermes tanked as the French luxury group said the war hit sales in the Middle East and Europe.

Kering shares fell after sales of its Italian flagship brand Gucci slumped 8% in the first quarter - the 11th straight quarterly decline.

Stellantis jumped as the Franco-Italian automaker said global shipments rose 12% year-on-year in the first quarter to an estimated 1.4 million vehicles.

Reporting by Frank Prenesti for Sharecast.com