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STOXX 600 on track for fourth weekly gain

Dec 8 Reuters European shares advanced on Friday boosted by luxury and energy stocks, while investors assessed Germany39;s inflation data and waited for a key U.S. employment report to reaffirm expectations of a peak in global interest rates.

The panEuropean STOXX 600 index climbed 0.6 by 920 GMT, headed for a fourth straight weekly gain.

Travel and leisure stocks led weekly sectoral gains, while energy and miners were the worst hit.

Latest data showed German inflation eased in November, bolstering the case for a peak in eurozone interest rates.

Investors were focused on the U.S. Labor Department39;s report on November nonfarm payrolls due later in the day for clues on the Federal Reserve39;s monetary policy outlook.

European stocks are catching up with their U.S. peers and we39;ve seen the DAX hit record highs. At this point, it looks like the European really is a little bit overstretched, said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank.

The STOXX 600 has gained nearly 11 so far this year, with Germany39;s DAX jumping nearly 20. On the other hand, the United States39; benchmark stock index SP 500 has gained 19 yeartodate.

The major drivers in the European market rally are rising expectations that the ECB will start cutting rates next year due to…