European Stocks Drop on Glum Growth Data; Luxury Shares Slide
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European stocks slipped as data painted a mixed picture of economic growth, while luxury stocks slid on concerns about a US slowdown.
The Stoxx 600 was down 0.6% by the close — its biggest drop in three weeks. A rout in luxury-goods makers including Hermes International, LVMH and Gucci parent Kering SA wiped more than $30 billion from the sector. Attendees at a luxury conference in Paris organized by Morgan Stanley flagged a “relatively more subdued” performance in the US, according to Edouard Aubin, an analyst at the investment bank.