European Stocks Gain as China Reopening Bets Lift Miners, Luxury
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European stocks advanced to the highest level in over seven weeks as miners and luxury shares got a boost from speculation that China is relaxing its Covid-Zero policy.
The Stoxx 600 Index added 1.8% by the close in London, capping a third week of advances in the longest winning streak since November 2021. Miners, consumer products and autos led the gains. Stocks briefly trimmed the advance after data showed that US employers added more jobs than expected in October, while wages rose firmly, signaling that the Federal Reserve will push on with rate hikes.