European stocks slipped on Tuesday on worries about China’s regulatory crackdown, as household products maker Reckitt Benckiser dropped after reporting a rise in costs.
The Stoxx Europe 600
fell 0.4% to 459.43.
The Hang Seng HK:HSI fell more than 4% for a second straight session, weighing on a range of Chinese tech companies listed there. According to FactSet, 8% of FTSE 100 and DAX company revenue derives from China, as does 7% of CAC 40 revenue.
Decliners included Reckitt Benckiser
which dropped 9% after joining Unilever
in reporting how rising costs have eaten into its profit, and Prosus
which is the largest investor in Chinese tech giant Tencent
LVMH Moet Hennessy
bucked the decline, rising 2% as the world’s top luxury goods maker reported a stronger-than-forecast first-half profit.
Just Eat Takeaway.com
added 3% as one of its leading shareholder called for the delivery group to merge with a rival.