Europe: Shares slip as luxury goods stocks fall

[LONDON] European shares slipped on Tuesday, with luxury good stocks among the worst performers after France's LVMH posted first quarter sales below forecasts.

The pan-European FTSEurofirst 300 index was down 0.2 per cent.

LVMH fell 3.2 per cent after its business update, dragging down the shares of its rivals, with Burberry down 1.8 per cent while Kering also declined by 2 per cent.

However, Italy's FTSE MIB outperformed, advancing 0.6 per cent as shares in its banks rose after Italian financial institutions agreed to set up a 5 billion euro (S$7.66 billion) fund to shore up the country's weaker banks.

REUTERS