Europe markets close lower; luxury stocks drop as LVMH results disappoint
European market closed lower Wednesday, with chip stocks and luxury goods leading losses following sales warnings.
The pan-European Stoxx 600 index ended slightly lower, down 0.15%, with sectors and major bourses mixed.
The FTSE 100 closed up 0.97%, after the latest U.K. data showed the inflation rate dropped sharply to 1.7% in September. 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 closed 3.7% lower Wednesday, making it one of the worst performers on the Stoxx 600, after the luxury group reported a 3% drop in third-quarter sales.
Meanwhile, shares of British food supplier Tate & Lyle jumped more than 13% on Wednesday afternoon amid media reports the U.S. private equity firm Advent International is preparing a takeover offer. The stock closed up 8.3%.
Also among the better performing stocks was British hotel group Whitbread, which added 6%, after it raised its interim dividend and announced a £100 million ($129.95 million) share buyback program.
Source: CNBC
