European shares surge to fresh record highs as luxury giants rally on China stimulus [MSNBC.com]
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Source: MSNBC.com
Krisztian Bocsi | Bloomberg | Getty ImagesLONDON — European markets rose to a fresh record high Friday, tracking gains in China on news of a stimulus blitz, while investors also assessed fresh inflation data.The pan-EuropeanStoxx 600Chemicals and autos stocks led the gains, both up around 2% higher.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 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 inflation this monthStatistics agency Eurostat is scheduled to publish flash euro zone inflation data for September on Tuesday.Looking at individual
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