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REFILE-European stocks head lower, LVMH shines after earnings

Published 01/27/2021, 04:21 PM
Updated 01/27/2021, 05:10 PM
© Reuters.
MSFT
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LVMH
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PRTP
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FRES
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STOXX
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SX8P
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SXEP
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SX7P
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ESSITYb
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(Corrects to 'tally' from 'rally' in the fourth paragraph)
Jan 27 (Reuters) - European stocks slid on Wednesday,
weighed down by concerns about a slow economic recovery, while
most investors kept to the sidelines ahead of the U.S. Federal
Reserve's policy decision.
The pan-European STOXX 600 index .STOXX dropped 0.4% in
early trading, following losses in Asian markets and Wall
Street.
Microsoft's MSFT.O bumper results did little to help
Europe's tech sector .SX8P , which dropped 1.3%, while miners
.SX8P , oil & gas .SXEP and banks .SX7P fell close to 1%
each.
Global coronavirus cases surpassed 100 million, according to
a Reuters tally, and Europe - the worst-affected region in the
world - is currently reporting a million new infections about
every four days. Precious metal miner Fresnillo Plc FRES.L slid 3.1% after
it forecast lower gold output for the current year. Hygiene products maker Essity ESSITYb.ST slipped 0.6%
despite reporting a smaller-than-expected drop in quarterly
operating profit. French luxury group LVMH LVMH.PA rose 1.4% as booming
sales at fashion brands like Louis Vuitton, particularly in
China, helped to cushion the impact of the coronavirus pandemic.
Gucci-owner Kering PRTP.PA gained 1%.

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