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European stocks touched a record high level today, Friday, driven by the continued rise of shares of companies exposed to China thanks to news of massive economic stimulus measures taken by Beijing. Gains in shares of Moncler and luxury goods companies also supported the index.
The European STOXX 600 index rose 0.2 percent to an all-time high of 526.70 points by 0716 GMT. The index is heading to record its best weekly performance in more than a month if it continues to rise.
The index rose thanks to China-focused luxury goods companies, with shares of Hermes, Kering, Hugo Boss and Burberry rising between three and four percent.
Chinese stocks are on track to record their best weekly performance since 2008.
Earlier today, China’s central bank reduced borrowing costs for seven-day reverse repo agreements as part of the largest stimulus package since the coronavirus pandemic.
Moncler shares jumped 11.8 percent after its CEO, Remo Ruffini, concluded a partnership deal with LVMH to invest extensively in the Italian luxury goods group.
The personal and household goods sector in the region led the sector gains, rising 1.6 percent.
Consumer prices in France increased less than expected in September. The CAC 40 index rose 0.3 percent.
The Spanish IBEX 35 index stabilized after data indicated a decline in inflation in the country to 1.7 percent.
Investors are awaiting the release of consumer confidence data in the euro zone and employment data in Germany. Also on Friday, European Central Bank chief economist Philip Lane will speak about fiscal policy.
