Europe: Luxury, mining stocks slip ahead of US inflation data

[BENGALURU] European stocks slipped in early deals on Tuesday as caution ahead of US inflation data and weakness in luxury and mining shares offset optimism around the region's economic recovery.

The pan-European Stoxx 600 index was down 0.2 per cent after a partial recovery on Monday from last week's slump.

Luxury stocks including LVMH, Kering and Richemont fell between 1.6 per cent and 2 per cent, tracking their Asian peers lower on concerns about the spread of Covid-19 cases in China.

Jewellery maker Pandora rose 3.7 per cent after it said it aims to achieve sales growth between 6 per cent and 8 per cent over the coming years.

Mining stocks dragged UK's commodity-heavy FTSE 100 0.3 per cent lower, even as data showed British employers added a record 241,000 staff to their payrolls last month.

Danish brewer Carlsberg fell 2.6 per cent after a double downgrade to "sell" by Berenberg.

REUTERS