European Stocks Drop as China Weighs on Luxury, Beverages -- Market Talk

Dow Jones10-08

0725 GMT - European stock indexes open lower, with luxury and beverage companies among the biggest decliners, as details on China's stimulus plans and news that the country will impose provisional antidumping tariffs on European brandy weigh on sentiment. The pan-European Stoxx Europe 600 index falls 0.9%, after most Asian bourses close in the red. Among national indexes, France's CAC 50 sheds 1.2%, Germany's DAX drops 0.85% and the U.K.'s FTSE 100 is down 1%. Gucci owner Kering falls 5.5% and Swiss watchmaker Swatch Group trades 4.9% lower, while other China-exposed companies like tech investor Prosus and insurer Prudential drop 5% and 4%, respectively. Beverage companies Remy Cointreau and Pernod Ricard fall 5.8% and 3.35%, respectively. (adria.calatayud@wsj.com)

(END) Dow Jones Newswires

October 08, 2024 03:25 ET (07:25 GMT)

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