Luxury stocks sparkle in Europe after China unveils stimulus measures
Updates
** Shares in European luxury stocks move higher after China, a key market for the sector, unveiled its biggest stimulus since the pandemic
** STOXX Europe Luxury 10 index .STXLUXP, which tracks top luxury goods makers, is up around 3%
** RBC analysts say the measures should support luxury stocks near term, with Swatch Group UHR.S, Burberry BRBY.L and Cartier owner Richemont CFR.S most exposed to revenues from China
** Burberry rises around 5.5%, Richemont is up 4.5%
** Gucci-owner Kering PRTP.PA, which up to the previous session's close was down 44% YTD, is up around 5%
** Birkin bag-maker Hermes HRMS.PA and LVMH LVMH.PA are up both up around 4%
** Italian luxury group Ferragamo SFER.MI and luxury puffer jacket maker Moncler MONC.MI are up 5% and 1%, respectively
Reporting by Anna Pruchnicka
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