The German share price index DAX graph is pictured as the German index celebrates its 35th birthday at the stock exchange in Frankfurt, Germany, August 15, 2023. REUTERS/Staff/File Photo Acquire Licensing Rights
Aug 28 (Reuters) – European shares advanced at the open on Monday, with technology stocks leading gains following an upbeat close on Wall Street and China-exposed automakers rising after Beijing announced measures to aid its ailing stock market.
By 0710 GMT, the pan-European STOXX 600 (.STOXX) added 0.7% after posting its first weekly gain in four.
Technology stocks (.SX8P) advanced 1.5%, their first climb in three sessions, tracking an overnight rally on Wall Street.
China’s finance ministry said on Sunday it was reducing the 0.1% duty on stock trades “in order to invigorate the capital market and boost investor confidence.”
China-linked sectors such as automakers (.SXAP) and industrials (.SXNP) added 1.1% and 1.0%, respectively.
China-exposed luxury heavyweights LVMH (LVMH.PA), Kering (PRTP.PA) and Hermes (HRMS.PA) added more than 1% each.
Meanwhile, interest rate expectations in the euro zone remained tepid following the European Central Bank President Christine Lagarde’s speech late on Friday at the Jackson Hole symposium.
Markets in the United Kingdom were closed for a summer bank holiday.
Reporting by Shashwat Chauhan in Bengaluru; Editing by Dhanya Ann Thoppil
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