European shares end higher as markets cheer China's stimulus plans
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STOXX 600 up 0.7%
Luxury stocks shine on China's stimulus
UK's Smiths Group down after annual profit miss
Sweden's Saab falls after BofA downgrade
Updated at 1600 GMT
By Pranav Kashyap and Shashwat Chauhan
Sept 24 (Reuters) -European shares ended higher on Tuesday, with China-exposed firms such as luxury giants and automakers at the helm of gains after China's central bank unveiled broad stimulus measures to aid its ailing economy.
The pan-European STOXX 600 index .STOXX closed 0.7% higher. The stand out regional performer with a 1.3% jump was France .FCHI, which is home to a host of luxury brands.
China's central bank announced broad monetary stimulus and property market support measures to revive an economy grappling with strong deflationary pressures and in danger of missing this year's growth target.
"Today's announcement has helped lift confidence, it will also support household consumption and ease debt servicing pain," economists at TS Lombard wrote in a note led by chief China economist Rory Green.
"But (it's) insufficient to put a floor under the property market and wider economy. A substantial nominal growth slump is baked in."
A gauge of European luxury firms .STXLUXP, which rely heavily on Chinese consumer spending, were the biggest boost on the index, rising 2.5%.
LVMH LVMH.PA added 3.2%, while Cartier-owner Richemont CFR.S also gained 4.1%.
Basic resources .SXPP led gains amongst the major STOXX sectors, jumping 4.4%, its biggest single-day gain in over 22 months, as base metal prices advanced on improving China demand prospects. MET/L
Other China-exposed sectors such as autos .SXAP and industrials .SXNP also gained 1.1% and 0.6%, respectively.
Most local bourses ended higher, though UK's FTSE 250 midcap index .FTMC slipped 0.4%, bogged down by a 6.3% fall in homeware retailer Dunelm DNLM.L after its top shareholder, and his private investment firm sold a 4.9% stake in the company.
On the data front, German business morale fell for a fourth straight month in September and by more than expected, a survey showed, adding to signs that the euro zone's biggest economy may have tipped into recession.
Germany's leading economic institutes have downgraded their forecast for 2024 and now see the economy shrinking by 0.1%, people familiar with the figures from the autumn joint economic forecast told Reuters.
Later this week, rate decisions in Switzerland and Sweden will also be on investors' radar.
Among individual stock moves, UK engineering firm Smiths Group SMIN.L lost 5.2% after its annual profit missed estimates.
Saab SAABb.ST dipped 9.3% after BofA Global Research cut its rating on the Swedish defence firm to "neutral" from "buy".
Reporting by Pranav Kashyap and Shashwat Chauhan in Bengaluru; Editing by Abinaya Vijayaraghavan, William Maclean
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