European shares hit 6-week high led by miners, luxury goods

European shares rose to a six-week high on Monday, supported by strong gains in mining, luxury goods and auto stocks after signs of fresh stimulus measures to support China’s slowing economy.

The pan-European STOXX 600 index rose 0.10%, heading for an eighth straight session of gains.

According to CNBC, miners gained 1.6%, while automakers gained 0.7%. Luxury goods companies LVMH and Richemont rose more than 2%.

In Germany, the DAX rose 0.2% to a new record high.

Chinese state media reported that a meeting of the Politburo of the Communist Party’s Central Committee indicated adopting more proactive fiscal policies and “moderately accommodative” monetary policies next year, along with additional stimulus measures.

Elsewhere, investors are awaiting the release of US inflation data on Wednesday to gauge the path of a possible rate cut by the Federal Reserve, while expectations indicate that the European Central Bank will cut interest rates by 25 basis points on Thursday.

Banco BPM shares rose 2%, while UniCredit shares fell 0.9%, after Credit Agricole announced its intention to increase its stake in Banco BPM.

German food preparation company Hello Fresh shares fell 8.2% after reports of a US investigation into child labor.