Stock Groups

European stocks fall as Kering, ASML’s downbeat results weigh -Breaking

by Mike Robinson

[ad_1]

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

(Reuters) – European shares inched lower on Wednesday as underwhelming earnings reports from French luxury group Kering (PA:) and Dutch semiconductor company ASML overshadowed strong results from Nestle and others.

The pan-European index slipped 0.1% by 0710 GMT, even as Asian peers tracked a strong finish on Wall Street. [MKTS/GLOB]

Kering tumbled 4.0% as sales growth at its star fashion brand Gucci missed analysts’ expectations due to a sharp slowdown in its pace of recovery, particularly in Asia, from COVID-19.

ASML Holdings, a key supplier to computer chip makers, fell 3.0% despite posting slightly better-than-expected quarterly results.

Dutch paints and coatings maker Akzo Nobel (OTC:) fell 2.3% after its quarterly earnings were hit by continued raw material inflation and supply chain disruptions, which it expects to continue through mid-2022.

Limiting losses, Swiss food giant Nestle gained 3.0% after it raised its sales outlook after strong coffee sales and price hikes pushed organic sales 6.5% higher in the third quarter.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



[ad_2]