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Stock impact report

European Stocks Drop as Luxury Sees $30 Billion Value Wipeout [Financial Post (Toronto, Ontario, Canada)]

Danimer Scientific, Inc. (DNMR) 
Company Research Source: Financial Post
Author of the article: (Bloomberg) — European stocks fell, weighed down by a slump for luxury shares that wiped more than $30 billion off their market value after Kering SA warned that sales at Gucci have plunged. The Stoxx 600 was down 0.3% as of 8:16 a.m. in London. The consumer products and services sector, which includes most luxury stocks, fell the most in more than a month. Energy stocks also lagged, while utilities and technology shares outperformed. Investors are awaiting a crucial Federal Reserve meeting later on Wednesday. Article content Article content Kering SA slumped 13% after warning that sales at Gucci fell about 20% in the first quarter due to a steeper-than-expected decline in the Asia-Pacific region. LVMH Moet Hennessy Louis Vuitton SE, Hermes International SCA and Richemont also slid. Among other single stocks, Johnson Matthey rose after agreeing to sell its medical device business and announcing a buyback program. European stocks have sustained a str Show less Read more
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