A batch of poorly-received earnings hit European bourses, with France leading declines on fears of soft U.S. demand for luxury goods and as U.K. banks slip.
A batch of poorly-received earnings hit European bourses on Wednesday, with France leading declines amid fears of slowing demand for luxury goods.
The Stoxx 600 index SXXP , the Europe-wide stock barometer, fell 0.9% as the DAX 40 DAX in Frankfurt slipped 0.8% and London’s FTSE 100 UKX dropped 0.6%. LVMH shares fell nearly 5%, while Kering KER , whose brands include Gucci and Saint Laurent, shed 3% and Hermes RMS lost more than 2%. But Richard Hunter, head of markets at Interactive Investor, remained positive on the lender: “The balance sheet is clearly in rude health, and the bank announced an increase to the dividend which takes the projected yield to 5.5%. In terms of further financial returns, the previously announced £2 billion share buyback programme is now 75% complete.”
Strategists at Bank of America noted that the European earnings season had not go off to a very good start.
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