European stocks were little changed on Monday as China’s stimulus plans failed to inspire confidence among investors, who focused on earnings season and the upcoming European Central Bank policy meeting later this week.
The continental STOXX 600 index edged up 0.01% by 0720 GMT, with gains in the utilities and financial services sectors offsetting declines in travel and leisure stocks as well as luxury companies.
Asian stocks wavered between gains and losses after China pledged on Saturday to “significantly increase” debt to revive its ailing economy, but left investors uncertain about the overall size of the debt plan. RELAUNCH.
LVMH, Hermes and Kering, as well as other French luxury sector stocks exposed to China, lost between 1% and 3%.
British betting companies Flutter and Entain fell 7.3% and 12.6%, respectively, after a media report that the British government was considering doubling taxes on online casinos and bookmakers.
Mulberry jumped 16% after the British luxury brand said it was working with advisers to evaluate Frasers’ watered-down 111 million pound ($145.1 million) takeover proposal.
