European shares rise as US spending boosts luxury stocks

European stocks touched their highest in more than a week on Tuesday, lifted by a rally in luxury goods companies on higher U.S. spending and gains for wind energy stocks after a court ruled that Orsted could restart work on a U.S. offshore project.

The pan-European STOXX 600  closed up 0.4%, after having touched its highest since September 16 earlier in the session. Most regional bourses also closed higher.

Portugal stocks  closed at their highest in more than three weeks after the country kept its budget surplus target for 2025, allowing it to continue reducing its debt ratio.

Meanwhile, luxury stocks such as LVMH , L'Oreal and Richemont  were all among the top 10 gainers on the STOXX. American luxury spending turned positive in September for the first time in 37 months, BofA card data showed.

Shares of Orsted  jumped 4% after a U.S. federal judge ruled that the Danish offshore wind developer could restart work on a nearly finished wind farm project off the coast of Rhode Island.