European Stocks Close Lower Affected by Results of Luxury Goods Sector

European stocks fell at the close on Monday affected by negative business results from luxury goods companies, at a time when markets are evaluating the repercussions of the assassination attempt on former US President and candidate for the upcoming presidential elections, Donald Trump. The European Stoxx 600 index fell 1 percent after a series of gains that lasted for three sessions. Burberry shares fell 16.1 percent after the British luxury goods group announced that its results would not meet expectations and canceled dividends. Swatch Group shares fell 9.8 percent after the world's largest watchmaker announced a sharp decline in sales and revenues for the first half of this year, while the index of the ten largest luxury goods companies in Europe lost nearly three percent. The personal and household goods sector led losses among the main sectors in the Stoxx 600 index, with a decline of 2.1 percent. The mining companies index fell 1.6 percent following a decline in basic metal prices after data showe d that China's economy grew much slower than expected in the second quarter of 2024. Shares of European renewable energy companies, such as Orsted, RWE, Nordex, Vestas, and Siemens, fell by rates ranging between 3.4 percent and 6.4 percent, in a decline that traders linked to an increase in the chances of Donald Trump winning the US elections. Markets will now focus on European Central Bank (ECB) President Christine Lagarde's comments on Monday ahead of an ECB meeting later this week. Source: Qatar News Agency