The increases pulled the mainland Chinese CSI 300 index into positive territory for the year and have sent Hong Kong stocks rocketing 21 percent higher in 2024. Those are big turnarounds for markets that have been lagging those in other parts of Asia and the United States for well over a year.

The narrative on European luxury-goods stocks has flipped in the space of a week. Under pressure for most of the year due to a slowdown in Chinese demand, the sector has rebounded strongly over the past five days with a Goldman Sachs basket of luxury companies set to notch its best week since 2012.

Chinese stocks are headed for the best week since 2008 as Beijing rolled out a huge stimulus package to revive the economy, lifting Asian shares to 2-1/2-year highs, while a sharp fall in oil prices bodes well for disinflation globally.