Shares of luxury retailers LVMH LVMH.PA and Richemont CFR.S, which rely on China for a major part of their revenue, rose 2.6% and 2.0%, respectively. Europe's oil & gas .SXEP and mining stocks .SXPP gained 2.1% and 2.6%, respectively, as commodity prices rallied on hopes of a resurgence in demand from China, the world's second-biggest economy and top metals consumer. Equity markets have seen a sharp sell-off this year as investors scrambled to adjust their expectations for economic growth and corporate profits in the wake of soaring inflation and interest rate hikes.