"Chinese Measures Boost European Markets, Tech Stocks Rally"
Chinese blue chips experienced a rare rally after Beijing implemented measures to support the market, including reducing stamp duty on stock trading, slowing new offerings, and approving the launch of retail funds. This comes as China's industrial profits fell for the seventh consecutive month and troubles in the property sector persist. Meanwhile, Wall Street stock futures are slightly higher as investors react to Fed Chair Powell's acknowledgment of a stronger-than-expected economy. The onus is now on data to show a cool-down or risk another rate hike. Recent PMI data suggests a slowdown, and upcoming reports on the labor market will be closely watched.