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European stocks rose on Tuesday after China’s stimulus measures boosted luxury goods and mining stocks..
The pan-European STOXX 600 index rose 0.8 percent to 520.40 points during trading, and the French CAC 40 index rose 1.5 percent to be the best performer among its peers..
The German DAX also rose 0.84% and the Italian FTSE 100 rose 0.74%.%.
Britain’s FTSE rose 0.4 percent, supported by a rise in mining stocks on China’s stimulus plans..
Chinese regulators on Tuesday announced the biggest monetary stimulus and property market support measures since the pandemic, cutting bank reserves by 50 basis points and slashing mortgage rates..
Luxury goods stocks, which rely heavily on Chinese consumer spending, were the biggest gainers on the index..
LVMH, Hermes, Kering and Dior shares gained between 3.8% and 4%..
The basic resources sector led the sectoral gains, jumping 4.4 percent after copper prices hit a two-month high supported by China’s measures and improving regional demand..
On the corporate front, shares in British engineering firm Smiths Group fell 6.7 percent after its annual profits fell short of estimates..
