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Europe: Evonik and Richemont fall as stock markets slip

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[LONDON] European shares slipped lower on Tuesday, as the prospect of a possible US interest rate increase in coming weeks knocked back global stock markets.

The pan-European FTSEurofirst 300 and STOXX 600 indexes both fell 0.5 per cent in early session trading.

Evonik was among the region's worst performers, dropping 6.4 per cent after private equity firm CVC placed Evonik shares onto the market at a discount price.

Luxury goods groups Richemont and Swatch also fell 1.5 per cent and 1.2 per cent respectively, after data showed that Swiss watch exports fell 11.1 per cent in April, compared to the previous year's figure.

However, shares in French household equipment manufacturer SEB surged 11 per cent as investors welcomed SEB's move to buy WMF, a German maker of coffee machines and silverware, from KKR in a deal worth 1.6 billion euros (S$2.5 billion) including debt.