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Europe: Stocks slip as shares of oil majors retreat

Tuesday, October 11, 2016 - 15:18
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[LONDON] European stock markets fell on Tuesday, with a pullback in the shares of major oil companies weighing on markets.

The pan-European Stoxx 600 index was down by 0.3 per cent, with the index down by around 7 per cent so far in 2016.

The Stoxx Europe 600 Oil & Gas index fell 0.4 per cent as oil prices retreated from one-year highs.

However, the shares of European luxury goods stocks outperformed, after LVMH reported a forecast-beating acceleration in third-quarter sales.

LVMH shares rose 4.4 per cent, with rival luxury good stocks such as Christian Dior, Richemont and Burberry also gaining ground.

REUTERS