Luxury Surge Boosts European Markets Amidst Tech Gains

European shares saw an upswing driven by Richemont's positive earnings and TSMC's record profits. The STOXX 600 climbed, spurred by luxury and tech sectors. Richemont and LVMH led luxury stocks, while economic optimism continues amid uncertain U.S. market conditions, including potential Federal Reserve rate adjustments.

European shares advanced on Thursday, with key luxury stocks and semiconductor firms leading the charge. Richemont's strong earnings and TSMC's record profit buoyed the market.

The pan-European STOXX 600 rose 0.5%, its highest since mid-December, while Germany's DAX briefly hit a record high. Richemont rallied 16.7%, signaling robust luxury demand despite Chinese market concerns.

Meanwhile, U.S. economic data stirred discussions on potential Federal Reserve rate decisions, offering a mix of optimism and caution in global markets.

(With inputs from agencies.)