European Stocks Drop as Spirit-Makers Lag; Oil Gains -- Market Talk
11 November 2023 - 5:03AM
Dow Jones News
1733 GMT -- European stocks fall as losses for drinks and
luxury-goods shares offset gains for oil and arms companies. The
Stoxx Europe 600, FTSE 100 and CAC 40 drop about 1% and the DAX
retreats 0.8%. Spirit-makers such as Pernod Ricard, Remy Cointreau
and Davide Campari-Milano lose ground after a profit warning from
Diageo, which itself tumbles 12%. Compagnie Financiere Richemont,
LVMH Moet Hennessy Louis Vuitton and Kering are among the biggest
luxury-goods fallers. Still, oil stocks gain as Brent crude
advances 1.7%, to $81.37 a barrel, while defense groups Leonardo,
Thales and BAE Systems also rise. Downbeat economic and trade data
compounded negative sentiment in London. "The British economy
stalled in the third quarter, the weakest performance in four
quarters," IG analyst Axel Rudolph writes.
(philip.waller@wsj.com)
(END) Dow Jones Newswires
November 10, 2023 12:48 ET (17:48 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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