European stocks drop, luxury lags
STOXX 600 down 0.8%
LVMH earnings drag luxury sector lower
Upbeat easyJet results lifts travel & leisure
Start of 'Mag 7' earnings disappoints
Wall St futures lower
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EUROPEAN STOCKS DROP, LUXURY LAGS
Europe's luxury sector led a decline in major markets on Wednesday after disappointing results from France's LVMH, while Deutsche Bank slumped on worse-than-expected provisions.
The pan-European STOXX 600 .STOXX is down 0.8%. Other major bourses are falling between 0.3%-1.6%.
LVMH LVMH.PA, France's largest company by market cap, is slumping over 5% after second quarter results missed estimates due to a slowdown in China. Shares are on track for their biggest one-day drop since October 2023.
The negative update from LVMH has seeped into other European luxury names, with Kering PRTP.PA and Hermes HRMS.PA in Paris, Hugo Boss BOSSn.DE in Frankfurt, Burberry BRBY.L in London and Moncler MONC.MI in Milan all in the red.
It's not just luxury on the back foot. Deutsche Bank DBKGn.DE shares are at the bottom of the STOXX 600, plunging over 7.4% after reporting a loss in the second quarter and higher-than-expected provisions. The firm's CFO also said a second buyback was off the table this year.
Budget airline easyJet EZJ.L is bucking the trend this morning, as shares have risen over 6% after it lifted its holiday forecast following a 16% rise in profit. Shares fell earlier in the week after competitor Ryanair RYA.I recorded a sharp drop in profit.
Europe's travel & leisure sector .SXTP is the only major industry in the green, gaining 0.4%.
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(Samuel Indyk)
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WEDNESDAY'S OTHER LIVE MARKETS POSTS:
EUROPEAN FUTURES SLIP ON HEAVY EARNINGS DAY CLICK HERE
LACKLUSTRE EARNINGS KEEP INVESTORS JITTERY CLICK HERE
Burberry shares lag other luxury stocks https://reut.rs/3zLrTqj
Japan's history of yen intervention https://tmsnrt.rs/3MiQrHT
European shares fall, France underperforms https://reut.rs/4fgPejB
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