• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

European tech, luxury stocks tumble as ASML, LVMH results disappoint

by October 16, 2024
written by October 16, 2024

By Paolo Laudani and Ankika Biswas

(Reuters) – Europe’s tech and luxury stocks slumped on Wednesday after disappointing results from industry heavyweights ASML (AS:ASML) and LVMH, while caution loomed ahead of the European Central Bank’s policy decision.

The continent-wide STOXX 600 index was down 0.3%, retreating further from the over two-week high hit early on Tuesday.

“It could be the start of a minor reversal, but we still see investors’ appetite hold at current levels, if not go further,” said Daniela Hathorn, senior market analyst at Capital.com.

ASML, the world’s biggest chipmaking equipment manufacturer, shed another 5% and dragged the tech index down 1.3% to a one-month low. Its weak 2025 sales forecast on Tuesday sparked its steepest one-day decline in four years and triggered a sell-off in chip stocks globally.

The luxury sector did not offer any solace either, as France’s LVMH dropped 4.5% after reporting a fall in third-quarter sales, prompting the French CAC 40 index to underperform most major European bourses.

LVMH’s earnings justify the concerns over Chinese spending and are likely to weigh on global equities, Hathorn said.

Peers Gucci-owner Kering (EPA:PRTP), Birkin bag-maker Hermes and Cartier-owner Richemont fell around 2% each. The broader luxury and personal and household goods indexes shed about 2% each.

Both the indexes have underperformed STOXX 600 so far this year. China-exposed firms have grappled with dwindling sales in the world’s second-biggest economy, with sentiment getting a boost briefly from the latest stimulus measures.

Shoemaker Adidas (OTC:ADDYY) fell 4% despite raising its full-year sales and profit guidance.

However, London’s FTSE bucked the trend to rise 0.6% after data showed British inflation fell more than expected in September, paving the way for a rate cut next month.

Market participants expect the ECB to cut rates by another 25 basis points on Thursday, which could boost stocks.

The index tracking European energy companies rose 0.9%, topping sectoral gainers, as oil prices stabilised after tumbling to a near two-week low on Tuesday.

Among single stocks, Stellantis (NYSE:STLA) fell 2% after warning of a 20% drop in third-quarter consolidated shipments.

Just Eat Takeaway lost over 2% after the food delivery company missed expectations for third-quarter gross transaction value.

Tecan dropped 12% after the Swiss life science equipment maker cut its annual outlook.

Teleperformance rose 6% after Kepler Cheuvreux upgraded the office services and call centre company’s stock to “buy” from “hold”.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Musk’s SpaceX sues California panel, alleges political bias over rocket launches
next post
Goldman Sachs Leads 27% Surge in Banking Fees

You may also like

BASF results down on impairments, restructuring

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Ryanair cuts 2026 traffic forecast amid ongoing Boeing...

January 27, 2025
Sign up and get the scoop before anyone else—fresh updates, and secret deals, all wrapped up just for you. We're talking juicy tips, fun surprises, and invites to events you actually want to go to. Don’t just watch from the sidelines—jump in and be part of the magic!








    By signing up, you're cool with getting emails from us. Don’t worry — your info stays safe, sound, and strictly confidential. No spam, no funny business. Just the good stuff.

    Recent Posts

    • Elon Musk’s SpaceX acquires xAI

      February 25, 2026
    • The architect of Amazon’s supply chain on running a startup with your spouse

      February 25, 2026
    • Trump administration alleges Nike discriminated against white workers

      February 25, 2026
    • Landmark trial accusing social media companies of addicting children to their platforms begins

      February 25, 2026

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (688)
    • Stock (6,426)

    Latest News

    • Elon Musk’s SpaceX acquires xAI
    • The architect of Amazon’s supply chain on running a startup with your spouse

    Popular News

    • Brazil’s jobless rate hits lowest level ever amid inflation concerns
    • Morning bid: China’s shot in the arm for markets

    About The Significant deals

    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2026 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy