European shares slip as lacklustre miners, luxury retailers in focus
The pan-European STOXX 600 was down 0.4%, as of 0718 GMT. The basic resources sub-index led sectoral declines with a 1.2% fall as it tracked easing copper prices
opened lower on Tuesday, pressured by weakness in metals , while dour earnings from Hugo Boss and Richemont weighed on investors' risk appetite.The pan-European STOXX 600 was down 0.4%, as of 0718 GMT. The basic resources sub-index led sectoral declines with a 1.2% fall as it tracked easing copper prices.
Adding to the sector's losses, London-listed shares of fell 2.2% after the global mining giant reported second-quarter iron ore shipments below estimates.
Shares of tanked nearly 9% after the German fashion house cut its annual sales forecast over weakening global consumer demand especially in markets such as China and the UK.
Cartier owner Richemont's sales were almost flat in the three months through June, as a sharp drop in Chinese demand clouded the overall result, pushing it just below expectations. Shares of Richemont edged 0.1% lower.
The stocks pulled the personal and household goods sector down 0.7%.
Market focus was also on the political developments in the United States as investors mulled the impact of Donald Trump's potential second stint at U.S. presidency
Source: Stocks-Markets-Economic Times
