The Business Times

Europe: Reckitt results, China woes drag shares lower

Published Tue, Jul 27, 2021 · 03:34 PM

[BENGALURU] European stocks lost ground on Tuesday as sharp falls in Chinese shares and disappointing sales numbers from Reckitt Benckiser offset a batch of strong earnings updates from companies including LVMH.

The pan-European Stoxx index fell 0.6 per cent in its second session of losses but held a few points below its all-time high.

Lysol maker Reckitt tumbled 9.2 per cent as easing demand for its soaps and cold remedies led the company to miss analysts' estimates for quarterly sales.

Worries about stricter regulation of China's heavyweight technology sector have fuelled a selloff in global markets this week, despite optimism about US and European earnings season.

Dutch tech investor Prosus slumped 7.4 per cent, hitting new lows since May 2020, weighed down by the selloff in Hong Kong and mainland China shares.

The world's biggest luxury goods group LVMH inched up after posting higher sales and profits.

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