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Jan 19 (Reuters) – European stocks fell again on Wednesday as U.S. Treasury yields hit new highs, while luxury stocks outperformed on upbeat trade updates from Richemont and Burberry.
The pan-European STOXX 600 index slipped 0.1% at 0812 GMT after hitting a one-week low in the previous session.
Yields on 10- and 5-year U.S. Treasuries held at near two-year highs, while global tech stocks sold off as investors worried about inflation and braced for a tightening. US monetary policy.
The benchmark German 10-year bond yield rose above 0% for the first time since May 2019.
Retail stocks outperformed the benchmark, jumping 1.7%, after a string of strong results.
British luxury brand Burberry rose 3.8% after saying a strong performance in outerwear and leather goods and a significant improvement in Asia and Europe accelerated its quarterly full-price sales growth .
Cartier owner Richemont climbed 6.9% after the world’s second-largest luxury group said strong demand for its jewelry and watches in the Americas and Europe helped quarterly sales rise nearly a third.
ASML Holding NV, a key supplier to computer chipmakers, gained 1.4% after posting a better-than-expected quarterly profit and saying it expects sales growth of 20% in 2022. (Report by Anisha Sircar in Bengaluru; edited by Subhranshu Sahu)