Publisher: Maaal International Media Company
License: 465734
European stocks fell at the open on Wednesday, affected by losses in luxury goods stocks after negative results from the LVMH group pressured morale, as well as a group of disappointing corporate profits.
By 07:20 GMT, the European STOXX 600 index fell 0.6% to 512.3 points, due to a 2% decline in the personal and household goods sector. According to Reuters.
LVMH shares, the world’s largest luxury goods group, fell 5.5% after second-quarter sales fell short of expectations as Chinese shoppers’ spending declined.
The French CAC 40 index, which includes the retail giant, lost 1.2% and performed poorly among regional stock exchanges.
Technology stocks fell 0.8%, with Temenos shares falling 4.7% after the Swiss banking software company lowered its annual forecasts, noting the impact of the Hindenburg Research short-selling report on its performance during the first half of the year.