Europe flashing red as luxury, miners and homebuilders drop
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EUROPE FLASHING RED AS LUXURY, MINERS AND HOMEBUILDERS DROP
European stocks are flashing red, with the STOXX 600 .STOXX off 0.8% with losses led by China-exposed names from luxury to miners as hopes of further stimulus in the world's second largest economy fade from view.
Chinese officials have failed to inspire confidence in stimulus plans intended to turnaround a sputtering economy, hurting a range of assets from metal prices to the Australian dollar even as onshore Chinese shares surged on their return from a week-long holiday.
The most pain in Europe is being felt in basic resources .SXPP, down 4.5% as the likes of Anglo American .AA.L, Antofagasta .ANTO.L and Rio Tinto RIO.L fall between 5%-5.8%.
Luxury is another big faller. A basket of European names .STXLUXP is off 3% and Burberry is languishing near the bottom of the STOXX 600 .STOXX, off 6.5%.
Elsewhere, shares of spirits makers Remy Cointreau RCOP.PA and Pernod Ricard PERP.PA dropped 8% and 4%, respectively, as China announced provisional anti-dumping measures on brandy imports from the European Union.
But it is UK homebuilder Vistry that is Tuesday's biggest faller, having dropped as much as 36.3% in early trading and last down 28.8% after it cut its FY24 profit outlook. The drop weighed on the sector, with a basket of FTSE 350-listed homebuilders down 6%.
UK engineering and manufacturing Senior group shares are also suffering steep drops, last down 11.4% after saying it is cutting jobs amid aerospace sector challenges.
(Lucy Raitano)
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FOR TUESDAY'S OTHER LIVE MARKETS POSTS:
EUROPEAN FUTURES FAIL TO TRACK CHINA'S RALLYING OPEN CLICK HERE
CHINA STOCK FRENZY GETS A WET BLANKET CLICK HERE
Some major events and milestones for U.S. oil prices since 2022 https://reut.rs/3Y05mye
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