* Cartier owner Richemont leads STOXX 600 gains
* Mining stocks lead weekly gains, Travel lags
* Euro zone inflation decline may be slower, ECB says
Nov 12 (Reuters) - European shares closed their sixth
straight week of gains at a new high on Friday, as strong
results from Cartier owner Richemont rounded off a robust
The pan-European STOXX 600 index rose 0.3% to a new
peak of 486.75 points, and added 0.7% for the week. It has
finished at record highs in four of the five sessions this week.
Richemont surged 10.9% and was the best-performing
European stock for the day, after it beat six-month profit
estimates and said it was seeking investors for its loss-making
The luxury sector also got a boost from France's LVMH
, which gained 2.5% on news that Louis Vuitton was
planning to open its first duty-free store in China.
French blue-chip shares also finished the week at
all-time highs, with carmaker Renault jumping 4.4%
after Morgan Stanley upgraded its stock.
"The earnings season is confirmation to markets that the
underlying growth and demand picture is still very strong, even
though there are companies talking about supply issues and
margin pressures going forward," Seema Shah, chief strategist at
Principal Global Investors, said.
"But you're probably going to get to a point where returns
get smaller and you see more volatility - investors will have to
make that adjustment in their minds."
The STOXX 600 has seen several record highs in November,
buoyed by dovish central bank messages, upbeat earnings reports
and signs of post-pandemic economic revival.
However, ECB policymakers acknowledged on Friday that euro
zone inflation may decline more slowly than earlier thought,
partly due to supply chain bottlenecks.
Further, Europe has become the epicentre of COVID-19 again,
with Germany, France, and the Netherlands experiencing a surge
in infections, and prompting some governments to consider
re-imposing lockdowns, according to fresh data.
Travel and leisure stocks were the worst weekly
performers, down 3.7% as investors feared new restrictions.
Oil stocks led losses in Europe on Friday, dipping
1% as crude prices were dented by a firmer U.S. dollar owing to
market bets of an earlier-than-expected Federal Reserve rate
Mining was the best-performing European sector this
week, up 4% as some relief over China's debt-addled property
market, particularly with developer Evergrande, drove commodity
Among other stocks, Italian infrastructure firm Atlantia
rose 1.7% after raising its 2021 forecast, while Dutch
oil and chemical storage group Vopak advanced 1.2%
after beating estimates for quarterly profit.
(Reporting by Anisha Sircar in Bengaluru; Editing by Anil
D'Silva and Andrew Heavens)