UPDATE 2-Wall St bounce, upbeat earnings lift European stocks

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* European tech stocks hit 20-year peak
* Luxury stocks gain on upbeat Richemont earnings
* Investors eye big stimulus as Biden takes office

(Updates to market close)
By Amal S and Sruthi Shankar
Jan 20 (Reuters) - European stocks rose on Wednesday after
Dutch chip equipment maker ASML and Swiss luxury group Richemont
gave encouraging earnings updates, while investors hoped for a
large U.S. stimulus plan as Joe Biden was sworn in as president.
The pan-European STOXX 600 index .STOXX closed 0.7%
higher, getting an extra boost as Wall Street marked record
highs. .N
All eyes were on Biden's inauguration as the 46th U.S.
President, with traders betting on a bigger pandemic relief plan
and higher infrastructure spending under the new administration
to boost the pandemic-stricken economy. Tech stocks rallied to a two-decade peak in Europe after
ASML Holding NV ASML.AS rose 3.0% to all-time highs on
better-than-expected quarterly sales and a strong order intake
for 2021. Meanwhile, Richemont CFR.S rose 2.8%, after posting a 5%
increase in quarterly sales as Chinese splashed out on Cartier,
its flagship jewellery brand. Britain's Burberry BRBY.L jumped 3.9% after it stuck to
its full-year goals, saying higher full-price sales would boost
annual margins, while Asian demand remained strong. The pair boosted European luxury goods makers that are
heavily reliant on China, with LVMH LVMH.PA and Kering
PERP.PA gaining between 1% and 3%.
"Any sign that retail spending is picking up in China is
going to be a boost to the Western markets and those heavily
exposed to it," said Connor Campbell, financial analyst at
SpreadEx.
The European Central Bank is set to meet on Thursday. While
no policy changes are expected, the bank could face more
questions about an increasingly challenging outlook only a month
after it unleashed fresh stimulus to bolster the euro zone
economy. "With the new round of easing measures fully in place and no
new forecasts to be presented tomorrow, it should be a fairly
uneventful day for the euro," ING analysts said in a note.
Italy's FTSE MIB .FTMIB gained 0.9% and lenders rose
.FTIT8300 1.6% after Prime Minister Giuseppe Conte won a
confidence vote in the upper house Senate and averted a
government collapse. Conte narrowly secured the vote on Tuesday, allowing him to
remain in office after a junior partner quit his coalition last
week in the midst of the COVID-19 pandemic.
Daimler AG DAIDn.DE jumped 4.2% after its Mercedes-Benz
brand unveiled a new electric compact SUV, the EQA, as part of
plans to take on rival Tesla Inc TSLA.O . Germany's Hugo Boss BOSSn.DE added 4.4% after Mike
Ashley-led Frasers FRAS.L said it boosted its stake in the
company.