(Bloomberg) -- European equities held steady as fresh Chinese stimulus measures aimed at supporting the country’s beleaguered property sector boosted miners and travel sectors, though worries over slowing economic growth kept gains in check.

The Stoxx Europe 600 closed little-changed in London after rallying as much as 0.9% earlier in the session, with volumes thin. China is taking bigger steps to showcase its policy determination after a slew of piecemeal measures to support the housing market failed to halt a slide. Basic resources shares, travel and technology stocks outperformed, while more defensive utilities lagged.

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In individual stock moves, Novo Nordisk A/S, which on Friday became Europe’s most valuable company, extended gains to a fresh record. Meanwhile, Banca Monte dei Paschi di Siena SpA fell amid concern by analysts and investors about the lack of a clear strategy for the state’s sale of its stake.

Further stimulus from China is significant as European stocks slid last month amid concerns about the Asian country’s economy, on top of worries rates will peak higher than expected. Investors are also fretting about slowing growth in the region while inflation remains above the European Central Bank target.

“The measures will be helpful to avoid a more severe and sudden decline in GDP growth, but Chinese consumption will inevitably slow down,” said Susana Cruz, a strategist at Liberum Capital. “In Europe, this will be particularly bad for luxury goods — with their second best market, the US, also losing momentum — and car manufacturers.”

Her team expects more domestically-oriented stocks to do better in the next month, as well as everyday discretionary consumption.

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--With assistance from Michael Msika and Kit Rees.

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