European shares open lower as dismal earnings disappoint

European shares opened lower on Wednesday, dampened by luxury stocks after dour results from the world’s biggest luxury group LVMH weighed on sentiment and as a raft of lacklustre corporate earnings added to the sombre mood.

The pan-European STOXX 600 index was down 0.6% at 512.3 points, as of 0720 GMT, led by a 2% slump in personal and household goods sector.

Shares of LVMH fell 5.5% after the world’s biggest luxury group missed estimates for second-quarter sales as Chinese shoppers reined in their spending habits.

The French benchmark CAC 40 index, which houses the retail giant, lost 1.2% and underperformed among regional bourses.

Europe’s STOXX 600 ends marginally higher

Technology shares shed 0.8%, led by a 4.7% fall in Temenos after the Swiss banking software firm lowered its annual outlook, citing an impact of short-seller Hindenburg Research’s report on its half-year performance.

Across the Atlantic, dismal results from U.S. tech giants Tesla and Alphabet also dented sentiment.

Among other corporate updates, Deutsche Bank lost 7.7% after Germany’s largest lender posted its first loss in four years in the second quarter.

European shares opened lower on Wednesday, dampened by luxury stocks after dour results from the world’s biggest luxury group LVMH weighed on sentiment and as a raft of lacklustre corporate earnings added to the sombre mood.

The pan-European STOXX 600 index was down 0.6% at 512.3 points, as of 0720 GMT, led by a 2% slump in personal and household goods sector.

Shares of LVMH fell 5.5% after the world’s biggest luxury group missed estimates for second-quarter sales as Chinese shoppers reined in their spending habits.

The French benchmark CAC 40 index, which houses the retail giant, lost 1.2% and underperformed among regional bourses.

Europe’s STOXX 600 ends marginally higher

Technology shares shed 0.8%, led by a 4.7% fall in Temenos after the Swiss banking software firm lowered its annual outlook, citing an impact of short-seller Hindenburg Research’s report on its half-year performance.

Across the Atlantic, dismal results from U.S. tech giants Tesla and Alphabet also dented sentiment.

Among other corporate updates, Deutsche Bank lost 7.7% after Germany’s largest lender posted its first loss in four years in the second quarter.