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
SXXP,
-0.41%

fell 0.4% to 459.43.

Of the major regional indexes, the German DAX
DAX,
-0.49%

declined 0.5%, the French CAC 40
PX1,
-0.27%

declined 0.2% and the U.K. FTSE 100
UKX,
-0.42%

declined 0.5%.

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
RKT,
-8.45%
,
which dropped 9% after joining Unilever
ULVR,
+0.33%

in reporting how rising costs have eaten into its profit, and Prosus
PRX,
-8.35%
,
which is the largest investor in Chinese tech giant Tencent
700,
-8.98%
.

LVMH Moet Hennessy
MC,
+1.80%

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
TKWY,
+3.46%

added 3% as one of its leading shareholder called for the delivery group to merge with a rival.

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:Latest News