{"id":142085,"date":"2021-10-18T17:30:13","date_gmt":"2021-10-18T17:30:13","guid":{"rendered":"https:\/\/precoinnews.com\/?p=142085"},"modified":"2021-10-18T17:30:13","modified_gmt":"2021-10-18T17:30:13","slug":"european-stocks-fall-as-luxury-stocks-feel-pain-from-chinas-woes","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/european-stocks-fall-as-luxury-stocks-feel-pain-from-chinas-woes\/","title":{"rendered":"European stocks fall as luxury stocks feel pain from China's woes"},"content":{"rendered":"

(Reuters) -European shares fell on Monday after weaker-than-expected growth data from China hit luxury stocks, while a relentless surge in commodity prices fuelled worries about inflation spiralling out of control.<\/p>

FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, October 8, 2021. REUTERS\/Staff<\/figcaption>

The pan-European STOXX 600 index fell 0.5% after an upbeat start to the quarterly earnings season drove its strongest weekly performance since March on Friday. The index fell after three straight session of gains over which it jumped about 2.7%.<\/p>\n

Equities fell globally after data showed China\u2019s economy hit its slowest pace of growth in a year in the third quarter, hurt by power shortages, supply chain bottlenecks and major wobbles in the property market.[MKTS\/GLOB]<\/p>\n

China-exposed luxury stocks including LVMH, Kering and Hermes fell between 1.4% and 2.4%, also hurt by Chinese President Xi Jinping\u2019s call for the expansion of a consumption tax.<\/p>\n

But analysts are expecting European companies to report a near 47% jump in third-quarter profit, as per Refinitiv IBES data. Those figures have been revised higher in recent days, helping the STOXX 600 inch toward its August peak.<\/p>\n

\u201cWhen we look at the outlook in the next 12 months, valuations may come down a little bit, but not enough to offset the move higher that we see in earnings, and that should be pretty positive,\u201d said Michael Bell, global market strategist at JP Morgan Asset Management.<\/p>\n

Belgium\u2019s Umicore was among major laggards, falling -3.9% after it cut its profit outlook to reflect a stronger than previously expected impact from the global semiconductor shortage.<\/p>\n

French biotech company Valneva shot up 32.8% on positive results from a late-stage trial for its inactivated, adjuvanted COVID-19 vaccine candidate.<\/p>\n

As crude futures rose past $85 a barrel, European oil and gas stocks capped losses. But Europe\u2019s gas squeeze looked set to continue as Russia\u2019s Gazprom showed no sign of hiking exports to the region in October. [O\/R]<\/p>\n

London\u2019s FTSE 100 retreated from near eight-month highs after investors bet that the Bank of England plans back-to-back interest rate rises for its November and December meetings, with more to come next year.<\/p>\n

\u201cThe signposts all seem to be pointing to a November rate rise … which has helped drag down UK markets,\u201d said Danni Hewson, AJ Bell financial analyst. \u201cWhat\u2019s certain is that raising rates can\u2019t do anything about supply issue.\u201d<\/p>\n

The Hut Group rose 20.5% after the British online retailer backed by SoftBank said it would remove its founder\u2019s \u201cgolden share\u201d and seek a premium listing after its shares plummeted last week.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Reuters) -European shares fell on Monday after<\/p>\n","protected":false},"author":3,"featured_media":142084,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"\nEuropean stocks fall as luxury stocks feel pain from China's woes - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/european-stocks-fall-as-luxury-stocks-feel-pain-from-chinas-woes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"European stocks fall as luxury stocks feel pain from China's woes - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"(Reuters) -European shares fell on Monday after\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/business\/european-stocks-fall-as-luxury-stocks-feel-pain-from-chinas-woes\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-18T17:30:13+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/10\/European-stocks-fall-as-luxury-stocks-feel-pain-from-Chinas-woes.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/business\/european-stocks-fall-as-luxury-stocks-feel-pain-from-chinas-woes\/\",\"url\":\"https:\/\/precoinnews.com\/business\/european-stocks-fall-as-luxury-stocks-feel-pain-from-chinas-woes\/\",\"name\":\"European stocks fall as luxury stocks feel pain from China's woes - 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