Oct 11 Reuters European stocks slipped on Wednesday after sharp gains in the previous session, as luxury giant LVMH dragged the sector lower on disappointing sales, though Novo Nordisk jumped after positive update on its diabetes drug Ozempic.

The panEuropean STOXX 600 index dipped 0.2 by 0707 GMT.

The benchmark rallied almost 2 on Tuesday to record its biggest oneday gain in 11 months, boosted by dovish comments from U.S. Federal Reserve policymakers.

LVMH dropped 6.7 to touch a more than 10month low after the luxury goods bellwether reported a 9 rise in thirdquarter revenue, marking slower growth as a strong wave of postpandemic spending eases.

Shares of other French luxury majors such as Hermes and Kering fell 2.5 and 2.7, respectively. Swiss luxury firms Richemont fell 5.3 and Swatch Group dropped 2.9.

Novo Nordisk, however, jumped 3.8 after the Danish drugmaker said it would stop a trial studying Ozempic to treat kidney failure in diabetes patients ahead of schedule because it was clear from an interim analysis that the treatment would succeed.

Shares of German kidney dialysis provider Fresenius Medical Care sank 18.6.

Reporting by Sruthi Shankar in Bengaluru; Editing by Rashmi Aich

Source Reuters