European mining and luxury stocks tumble as global China rally fades
Adds analyst quote in paragraph 9, updates prices
By Alun John and Lucy Raitano
LONDON, Oct 8 (Reuters) -European mining stocks and luxury names fell sharply on Tuesday as a stimulus-backed buying frenzy of Chinese-exposed stocks faded outside mainland China, after officials failed to inspire confidence in plans to stimulate the world's No.2. economy.
The STOXX miners index shed 4.4% in the first hour of trading.SXPP and if that early fall is sustained it would be its biggest daily fall since March 2023.
European luxury names meanwhile fell 2.7%,also affected by China announcing provisional anti-dumping measures on brandy imports from the European Union. .STXLUXP
Chinese Economic planner chairman Zheng Shanjie told reporters on Tuesday that China was "fully confident" of achieving economic targets for 2024 and would pull forward 200 billion yuan ($28.35 billion) from next year's budget to spend on investment projects and support local governments.
But his failure to detail specific new stimulus measures rekindled market doubts about Beijing's commitment to ensuring the economy can climb out of its most serious slump since the global pandemic and reach 5% growth.
Hong Kong's Hang Seng Index .HSI tumbled over 8%, even as Chinese onshore markets surged on return from a week-long holiday.
In Europe, Anglo American AAL.L fell 5.6% Antofagasta ANTO.L fell 5.3%,and Rio Tinto 5% RIO.L,broadly in keeping with a fall in iron ore futures. MET/L
Burberry, BRBY.L Kering PRTP.PA and LVMH LVMH.PA were all down between 4% and 6.5%.
"China is the usual suspect," said Stephane Ekolo, equity strategist at TFS Derivatives.
"Many people were expecting more stimulus from China and they were somewhat disappointed by the fact the China is holding back on this matter."
Miners and luxury stocks had been among the biggest gainers in Europe on aggressive stimulus measures - the largest since the pandemic announced by China, before the week-long Golden Week holiday.
($1 = 7.0550 Chinese yuan renminbi)
Reporting by Alun John and Lucy Raitano; editing by Dhara Ranasinghe
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