European Stocks fall with LVMH against the tide after Results

European Stocks fall with LVMH against the tide after Results

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Globe Live Media, Wednesday, January 27, 2021

European stocks fell on Wednesday, weighed down by concerns about a slow economic recovery, as most investors waited for the US Federal Reserve meeting.

The pan-European STOXX 600 index fell 0.4% in early trading, following declines in Asian markets and Wall Street.

Microsoft’s strong results were not helping Europe’s tech sector, which was down 1.3%, while mining, oil and gas and banks fell about 1% each.

Coronavirus cases in the world exceeded 100 million, according to a Reuters tally, and Europe – the world’s worst-affected region – currently records one million new infections every four days or so.

Precious metals miner Fresnillo Plc fell 3.1% after forecasting lower gold production for the current year.

The manufacturer of hygiene products Essity fell 0.6%, despite presenting a smaller-than-expected drop in its quarterly operating profit.

French luxury goods group LVMH was up 1.4% as booming sales of fashion brands like Louis Vuitton, especially in China, helped cushion the impact of the coronavirus pandemic.

Gucci owner Kering earned 1%.

Ben Oakley
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