U.S. beauty, luxury cos jump as China boosts stimulus efforts
Updates
** Shares of U.S. beauty and luxury companies jumpas China steps up efforts to stabilize its economy with fresh stimulus
** Chinese leaders pledgedto deploy "necessary fiscal spending" to meet this year's economic growth target of roughly 5%
** Estee Lauder EL.N stock up 8.8% and is set for best day since February
**Tapestry TPR.N shares rise 3%, Ralph Lauren RL.N up 3.7%,and U.S.-listed shares of Canada Goose GOOS.TO jumps 6.4%
** Cos have a strong presence in China and have reported weak demand for products in the region due to a frail post-pandemic recovery as the country faces strong deflationary pressures from sharp property market downturn and weak consumer confidence
** China also plans to issue special sovereign bonds worth about 2 trln yuan ($285.23 bln) this year as part of fresh fiscal stimulus
** YTD, EL stock down ~37%, TPR up 24%, RL up ~31%, and GOOS down nearly 9% as of last close
($1 = 7.0120 Chinese yuan renminbi)
Reporting by Ananya Mariam Rajesh in Bengaluru
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