STOXX 600 ends at two-week high with eyes on earnings, ECB decision
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Luxury stocks hit by China stimulus update
ECB set to cut rates on Thursday
Entain, Flutter tumble on tax hike fears
Tetragon jumps after report on possible Equitix sale
Updated at 1650 GMT
By Paolo Laudani, Sruthi Shankar and Johann M Cherian
Oct 14 (Reuters) -European stocks ended Monday's choppy session at a two-week high ahead of corporate earnings and a European Central Bank policy decision later this week, while some caution prevailed after China's weekend stimulus promises underwhelmed.
The continent-wide STOXX 600 index .STOXX closed 0.48% higher, with tech .SX8P, defence stocks .SXPARO and utilities .SX6P up over 1.2% each.
France's main index .FCHI underperformed other major markets. Credit ratings agency Fitch revised the country's outlook to "negative" from "stable" on Friday.
The ECB is expected to deliver another interest rate cut on Thursday after recent data signalled the euro zone economy was in worse shape than when policymakers last met.
Traders are pricing in a near 100% chance of a 25 bps rate cut this week, up from as low as 20% when the ECB met last month. Money markets have also moved to almost fully price in another such move in December.
Current indicators point to continued weakness in the German economy in the third quarter, the economy ministry said in its monthly report. The federal statistics office is scheduled to release preliminary data for Q3 GDP at the end of this month.
"While (the ECB) will likely not scrap its meeting-by-meeting approach, a probable higher emphasis on the growth risks and less concerns about inflation risks should support expectations of gradual rate cuts at the forthcoming meetings," said Martin Wolburg, senior economist at Generali Asset Management.
The STOXX index is less than 1% away from an all-time high, reflecting investors' confidence that lower borrowing costs will help revive the economy.
Globally, the focus was firmly on China where the government on Saturday pledged to significantly increase debt, but left investors guessing on the overall size of the stimulus.
LVMH LVMH.PA, Hermes HRMS.PA, Kering PRTP.PA and other French luxury stocks exposed to China fell between 0.4% and 3.8%.
Some of the biggest European companies including LVMH LVMH.PA and ASML ASML.AS are due to report results in the coming week, kicking off earnings season on the continent.
Analysts expect profit for STOXX 600 companies to grow 4.6% in the third-quarter, as per LSEG IBES data, although earnings estimates have been falling considerably since the start of September.
British betting companies Flutter FLTRF.L, Entain ENT.L and Evoke EVOK.L slid between 6% and 14% after a media report said the UK government is considering doubling taxes on online casinos and bookmakers.
Defence group Leonardo LDOF.MI said it will finalise a joint venture with Germany's Rheinmetall RHMG.DE, sending their stocks up 3.2% and 2.2% respectively. The stocks topped their respective Italian .FTMIB and German .GDAXI bourses.
Tetragon Financial TFG.AS surged 11% after Reuters reported that it is looking at options for Equitix, including a possible sale.
Reporting by Paolo Laudani in Gdansk, Sruthi Shankar and Johann M Cherian in Bengaluru; Editing by Savio D'Souza, Mrigank Dhaniwala and Christina Fincher
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