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Aug. 19, 2021, 11:43 a.m. EDT

European stocks skid as luxury-goods makers and commodity producers tumble

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By Steve Goldstein

European stocks slumped on Thursday, as luxury-goods makers dived on worries over China’s efforts to tackle income equality, with mining stocks losing ground after minutes from the last Federal Reserve interest-rate-setting committee indicated it was soon going to start reducing the rate of bond purchases.

The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.63% fell 1.5% to 467.24, in the first opportunity for investors in Europe to react to the Fed news.

Of the major regional indexes, the German DAX /zigman2/quotes/210597999/delayed DX:DAX +0.63% skidded 1.3%, the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.73% slumped 2.4% and the U.K. FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.51% slumped 1.5%.

The Stoxx Europe 600 basic resources index /zigman2/quotes/212670217/delayed XX:SXPP +0.70% dropped nearly 5% as iron-ore and other key metals declined in value.

The luxury-goods sector was in retreat, on worries over China’s crackdown on the wealthy . Kering /zigman2/quotes/204653408/delayed FR:KER +1.16% fell 9%, and LVMH Moet Hennessy /zigman2/quotes/201350549/delayed FR:MC -0.14% dropped 6%.

U.S. stock market futures /zigman2/quotes/209948968/delayed ES00 +0.43% , at the time of the European close, were struggling to find positive territory.

/zigman2/quotes/210599654/delayed
XX : STOXX
434.31
+2.73 +0.63%
Volume: 0.00
May 25, 2022 5:50p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
14,007.93
+88.18 +0.63%
Volume: 64,007
May 25, 2022 5:55p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
6,298.64
+45.50 +0.73%
Volume: 75,142
May 25, 2022 6:00p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,522.75
+38.40 +0.51%
Volume: 747,508
May 25, 2022 4:56p
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/zigman2/quotes/212670217/delayed
XX : STOXX
674.93
+4.70 +0.70%
Volume: 0.00
May 25, 2022 5:50p
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/zigman2/quotes/204653408/delayed
FR : France: Euronext Paris
452.10
+5.20 +1.16%
Volume: 181,837
May 25, 2022 5:38p
P/E Ratio
17.74
Dividend Yield
2.65%
Market Cap
€55.59 billion
Rev. per Employee
€412,165
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/zigman2/quotes/201350549/delayed
FR : France: Euronext Paris
551.00
-0.80 -0.14%
Volume: 446,842
May 25, 2022 5:37p
P/E Ratio
23.07
Dividend Yield
1.81%
Market Cap
€277.99 billion
Rev. per Employee
N/A
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/zigman2/quotes/209948968/delayed
US : U.S.: CME
$ 3,957.25
+16.75 +0.43%
Volume: 819,337
May 25, 2022 11:06a
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