Shanghai lifts some COVID19 curbs, reveals more stimulus
Luxury, tech names lead gains
German inflation beat firms case for bigger ECB rate hike
Deutsche Telekom, Cellnex weigh on telecom sector

May 30 Reuters European shares touched their highest level in almost a month on Monday, with optimism buoyed by China39;s easing of COVID19 restrictions and adding of new stimulus.

Authorities in China39;s commercial hub of Shanghai will facilitate conditions for businesses to resume work from Wednesday, while city officials announced an action plan to boost the economy, supporting hopes for improved growth and demand from the world39;s secondlargest economy.

The panEuropean STOXX 600 index rose 0.6 to 447.79, a level not seen since early May, boosted the most by luxury firms, which derive significant demand from China.

LoiusVuitton owner LVMH, Hermes, Pernod Ricard and Burberry rose between 0.6 and 4.4.

There39;s a big sigh of relief… that more stringent restrictions will be eased, particularly in Shanghai and Beijing, because investors have been really worried about the ongoing zero COVID strategy and the impact for China39;s economy, said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.

Gains were largely broadbased, led by a 2.0 jump in technology stocks. Still, trading volumes are expected to be subdued with U.S. markets closed for the Memorial Day holiday.

European stocks enjoyed their best week since midMarch a week ago as…