European shares close at new record high; luxury giants rally on China stimulus [MSNBC.com]
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Source: MSNBC.com
Krisztian Bocsi | Bloomberg | Getty ImagesLONDON — European markets closed at a record high Friday, as stocks tracked higher on news of China's stimulus blitz and investors assessed fresh inflation data.The pan-EuropeanStoxx 600Chemicals stocks led the gains, adding 2.75%, while autos stocks rose 2.23%.It comes after Chinese markets clocked their best week in almost 16 years, with the mainland's CSI 300 rallying 15.7% this week. The last time the index saw a bigger weekly gain was the week ending Nov. 14, 2008.China launched a large-scale stimulus package this week in a bid to boost growth and restore confidence in the world's second-largest economy.The People's Bank of China said it is cuttingits seven-day reverse repo ratethe reserve requirement ratioIn Europe, France and Spain both published preliminary data Friday showing asharp drop in harmonized inflationStatistics agency Eurostat is scheduled to publish flash euro zone inflation data for September on Tuesday.Looking at individu
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