Morning Report 31 May 22: European sharemarkets advanced on Monday

Investors were encouraged by an easing of Covid restrictions in China as well as new stimulus being unveiled by Chinese authorities. Luxury good manufacturers posted solid gains with Louis-Vuitton owner LVMH, Hermes, Pernod Ricard and Burberry up by between 0.6% and 4.4%. While gains were broad-based on European exchanges, technology stocks led gains, up by 2%, but telecom fell 0.6%. The pan-European STOXX 600 index rose by 0.6%. The German Dax index lifted by 0.8% and the UK FTSE index gained 0.2%. In London trade, shares in Rio Tinto rose by 0.6% while BHP shares rose by 1.5%.

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