LONDON — Europe’s stock markets all posted strong gains Wednesday morning.
The CAC 40 in Paris rose 1.9 percent to 4,684.55, followed by the FTSE MIB in Milan, up 1.8 percent to 22,336.90. The FTSE 100 in London gained 1.6 percent to 6,241.99 and the DAX in Frankfurt rose 1.5 percent to 10,422.59.
Europe’s markets echoed the bounce in Asian markets Wednesday. Shanghai’s Composite Index gained 2.3 percent to 3,243.09, while Hong Kong’s Hang Seng Index climbed 4.1 percent to 22,131.31. The Nikkei 225 in Japan surged 7.7 percent to 18,770.51, which according to reports was the index’s biggest one-day rise since 2008.
It is understood investors were upbeat on the expectation that China’s government will act to further stimulate the country’s slowing economy. China’s Ministry of Finance said Wednesday that it plans to strengthen fiscal policy, boost infrastructure spending and hasten its reform of the country’s tax system.
Fashion, luxury and retail stocks were almost universally up Wednesday morning.
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Among the biggest risers were Safilo Group, 4.4 percent to 10.88 euros as the eyewear firm said Wednesday it had signed a licensing agreement with Brazilian firm Algapartas to create an eyewear line for its Havaianas brand, which will run to 2021; LVMH Moët Hennessy Louis Vuitton, 3 percent to 152.30 euros; Salvatore Ferragamo, 2.7 percent to 24.05 euros, and Inditex, 2.4 percent to 29.44 euros.
The few fallers numbered French Connection, 0.5 percent to 0.30 pounds; MySale Group, 0.5 percent to 0.55 pounds, and Prada, 0.2 percent to 30.80 Hong Kong dollars.
At 11:32 a.m. CET, the euro traded for $1.12, while the pound went for $1.53 and the Hong Kong dollar for $0.13.