European stocks eke out small gains, Orsted shines
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ECB seen cutting rates again in Oct
Luxury stocks rise on China optimism
German economy to contract in 2024, econ ministry says
STOXX closes up 0.1%
Updated at 1615 GMT
By Sruthi Shankar, Paolo Laudani and Johann M Cherian
Oct 7 (Reuters) -European stocks eked out marginal gains on Monday, with Orsted topping the STOXX index as Norway's Equinor bought a stake in the offshore wind developer, although gains were limited by rate-sensitive stocks like real estate and utilities.
The STOXX 600 index .STOXX ended up 0.1%, with bank shares .SX7P leading the sectoral charts. However, real estate .SX86P and utilities stocks .SXIP lost 1.4% and 0.5%, respectively.
German stocks .GDAXI dipped 0.1% after industrial orders fell more than expected in August. Separately, the country's economy ministry said the currency union's largest economy is expected to contract by 0.2% in 2024, its second-straight year in contraction.
"The euro zone is growing slightly less than expected, with persistent differences between manufacturing and services, and between Germany and the rest of the region," said Miguel Jiménez, lead economist at BBVA Research.
Traders now see a bigger chance of a 25 basis-point Federal Reserve cut rate cut in November, a shift from last week when most were betting on a 50 bps move. They have also nearly priced in another 25 bps cut by the European Central Bank this month as inflationary pressures ease faster than policymakers had expected.
Investor morale in the euro zone unexpectedly rose in October after three months of decline, boosted by rising expectations even as dissatisfaction with the current situation hit a new low this year, a survey showed.
Among stocks, Orsted ORSTED.CO shot up to the jumped 6% after Equinor EQNR.OL bought a stake valued at around $2.5 billion in the Danish offshore wind farm developer. The Norwegian firm lost 3.4%.
Luxury stocks were broadly higher, with French names including Kering PRTP.PA, LVMH LVMH.PA and Hermes HRMS.PA up between 1.2% and 4.6%, signalling continued optimism over China's stimulus measures to revive its economy.
European luxury firms draw a large part of their revenue from China
Richemont CFR.S rose 2% after the Cartier owner agreed to sell its Yoox Net-A-Porter (YNAP) online fashion and accessories business to German luxury fashion platform Mytheresa 0FVy.MU.
Reporting by Sruthi Shankar, Johann M Cherian in Bengaluru and Paolo Laudani in Gdansk; Editing by Sherry Jacob-Phillips
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