Luxury, Mining Stocks Weigh on Europe Ahead of U.S. Inflation Data(Reuters) – European stocks slipped in early deals on Tuesday as caution ahead of U.S. inflation data and weakness in luxury and mining shares offset optimism around the region’s economic recovery.
The pan-European STOXX 600 index was down 0.2% after a partial recovery on Monday from last week’s slump.
Luxury stocks including LVMH, Kering and Richemont fell between 1.6% and 2.0%, tracking their Asian peers lower on concerns about the spread of COVID-19 cases in China.
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Jewellery maker Pandora rose 3.7% after it said it aims to achieve sales growth between 6.0% and 8.0% over the coming years.
Mining stocks dragged UK’s commodity-heavy FTSE 100 0.3% lower, even as data showed British employers added a record 241,000 staff to their payrolls last month.
Danish brewer Carlsberg fell 2.6% after a double downgrade to “sell” by Berenberg.
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(Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)