Europe's China-exposed stocks turbocharged on stimulus hopes
STOXX 600 up 1%
Miners, luxury lead rally
China pledges more spending
Wall St futures rise
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EUROPE'S CHINA-EXPOSED STOCKS TURBOCHARGED ON STIMULUS HOPES
European miners, luxury names and tech are getting a considerable boost this morning as optimism around additional China stimulus permeates markets, lifting the STOXX 600 .STOXX by 1%.
Market expectations for fresh stimulus from China - in addition to those announced on Tuesday - were fuelled as Chinese leaders pledged on Thursday to deploy "necessary fiscal spending" to meet this year's economic growth target of roughly 5%.
A basket of European luxury stocks .STXLUXP was up around 4%, its biggest daily jump in eight months, with gains led by the likes of Burberry .BRBYl, Kering .PRTP.PA and LVMH .LVMH.PA, all up 5.6%-6.6%.
Basic resources .SXPP surged 3.4% with Glencore .GLEN.L, Anglo American AA.L and Rio Tinto RIO.L rising 3.9%-4.5%.
Tech names .SX8P weren't far behind, up 2.8% as semiconductor companies rose, among them ASML International ASML.AS and BE Semiconductor .BESI.AS, both up around 4.2%.
Meanwhile oil and gas stocks .SXEP are under pressure, falling 2.6%. The drops are in line with lower crude oil prices.
The Financial Times reported on Thursday that Saudi Arabia is preparing to abandon its unofficial price target of $100 a barrel for crude as it prepares to increase output, citing people familiar with the matter.
BP .BP.L and Shell .SHEL.L are among the top fallers of the STOXX 600 .STOXX, down 3.8% and 3.2% respectively.
H&M HMb.ST shares are down 5.7%, bucking a broader upward trend in retailers which are up 0.5%, after the fashion retailer dropped its margin target and posted lower-than-expected Q3 profits.
The Swiss National Bank (SNB) cut its benchmark rate by 25 basis points (bps) on Thursday for a third straight meeting, as most market participants expected.
(Lucy Raitano)
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FOR THURSDAY'S OTHER LIVE MARKETS POSTS
CHINA GIVES MARKETS ANOTHER REASON TO CHEER CLICK HERE
EUROPEAN FUTURES BOUNCE AS CHINA STIMULUS OPTIMISM PERSISTS CLICK HERE
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