European stocks have surged to record levels, driven by a rally in Chinese markets following the introduction of new stimulus measures by China's top leaders. The STOXX 600 index neared record highs, with luxury and alcohol stocks experiencing significant gains of 9% and 5% respectively. Bernard Arnault, CEO of LVMH, saw his net worth increase by $17 billion in a single day, bringing his total wealth to $201 billion. This surge in Arnault's wealth is attributed to the strong performance of LVMH shares, which benefited greatly from the Chinese stimulus. Asia accounted for 38% of LVMH’s sales in 2023, with China being a significant contributor. The luxury sector, including companies like LVMH, Kering, Burberry, and Hermès, has been particularly buoyed by the positive market sentiment stemming from China’s economic policies.