European stocks decline amid disappointing business results

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.