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European stocks rose to trade within striking distance of their record highs, tracking a global rally across financial markets after the Federal Reserve announced a half-point interest-rate cut, a bigger move than many economists had forecast.

The Stoxx Europe 600 Index gained about 1% to 519.61 points as of 8:25 a.m. in London, just short of the 525.05-point record peak touched in August Retail stocks outperformed, with the sector’s index reaching an all-time high, while defensives such as utilities and telecoms lagged.