(Reuters) – The main European stock markets are moving in the red at the start of the session on Wednesday, hampered by the decline in the luxury sector after the warning on results from Kering and by the caution required before the conclusion of the monetary policy meeting of the American Federal Reserve (Fed).
In Paris, the CAC 40 lost 0.84% ​​to 8,132.40 points around 08:40 GMT. In London, the FTSE 100 fell 0.17% and in Frankfurt, the Dax fell 0.12%.
The EuroStoxx 50 index is down 0.45%, the FTSEurofirst 300 is down 0.34% and the Stoxx 600 is down 0.29%.
Futures contracts on Wall Street predict a decline of 0.05% for the Dow Jones, 0.08% for the Standard & Poor’s-500 and 0.05% for the Nasdaq.
In terms of values, the morning was marked by the collapse of Kering shares, which fell by 14.7%, after the luxury group warned on Tuesday that first quarter sales of its star brand Gucci would fall by around 20% in due to low demand in Asia. In the wake of Kering, the European luxury sector lost 2.3%.
Valneva fell 3.2% after its annual results while Eutelsat rose 3.3% after the announcement of a partnership with Intelsat.
Bureau Veritas gains 3.8% after announcing several acquisitions in Asia and financial forecasts for 2028.
Elsewhere in Europe, Swiss drugmaker Lonza rises 3.7% after signing a deal to acquire Genentech’s Vacaville, Calif., production site from drugmaker Roche for $1.2 billion. dollars (1.1 billion euros) in cash.
(Written by Augustin Turpin, edited by Blandine Hénault)
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