Europe: Stocks fall as Kering, ASML's downbeat results weigh

[BENGALURU] European shares inched lower on Wednesday (Oct 20) as underwhelming earnings reports from French luxury group Kering and Dutch semiconductor company ASML overshadowed strong results from Nestle and others.

The pan-European Stoxx 600 index slipped 0.1 per cent by 7.10 am GMT, even as Asian peers tracked a strong finish on Wall Street.

Kering tumbled 4 per cent as sales growth at its star fashion brand Gucci missed analysts' expectations due to a sharp slowdown in its pace of recovery, particularly in Asia, from Covid-19.

ASML Holdings, a key supplier to computer chip makers, fell 3 per cent despite posting slightly better-than-expected quarterly results.

Dutch paints and coatings maker Akzo Nobel fell 2.3 per cent after its quarterly earnings were hit by continued raw material inflation and supply chain disruptions, which it expects to continue through mid-2022.

Limiting losses, Swiss food giant Nestle gained 3 per cent after it raised its sales outlook after strong coffee sales and price hikes pushed organic sales 6.5 per cent higher in the third quarter.

REUTERS