European stocks touch record high amid China-powered rally

Investing.com -- European stock markets touched a fresh record high in mid-morning dealmaking on Friday, fueled by momentum from a China-led rally in Asia.China's central bank slashed interest rates and plugged more liquidity into the domestic banking system on Friday as Beijing continues a push to support the country's sputtering economy and reach a roughly 5% growth target this year.

Citing sources, Reuters said the cities of Shanghai and Shenzhen are planning to remove key home purchase restrictions in the coming weeks. Chinese officials are also eyeing a special sovereign bond issue worth about 2 trillion yuan , Reuters said. In France, annual consumer price growth eased to 1.2% from 1.8% in August, below economists' forecasts of 1.6%. A corresponding figure in Spain also cooled to 1.5% from 2.3%, slower than projections of 1.9%.

Personal spending, which accounts for more than two-thirds of economic activity, is tipped to have grown by 0.3% in August, slowing from 0.5% in the prior month.

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