LVMH Falls 6% as Third-Quarter Revenues Drop; European Markets Trade Lower
European markets traded lower Wednesday morning as global market sentiment took a turn for the worse.
The pan-European Stoxx 600 index was down 0.2% early on in the trading session with the majority of sectors in negative territory.
The FTSE 100 was up 0.8% at the open after the latest U.K. data showed the inflation rate dropped sharply to 1.7% in September, according to the Office for National Statistics. The steep fall from the 2.2% print seen in August adds to expectations that the Bank of England will cut rates in November.
Looking at individual stocks, shares of LVMH dropped 6.3% at the open Wednesday, making it one of the worst performers on the Stoxx 600, after the luxury group reported a 3% drop in third-quarter sales. The best performer was British hotel group Whitbread, up 3.7%, after it raised its interim dividend and announced a £100 million ($129.95 million) share buyback program.
The lower open seen for Europe’s major bourses follows declines on Wall Street Tuesday and comes as most Asia-Pacific markets traded lower overnight, with Japan’s Nikkei leading losses.
Source: CNBC
