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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%.
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