China sparks global riskoff mood
Spirits makers hit by antidumping measures
Vistry plunges as co slashes profit outlook
Oct 8 Reuters European stocks dropped to twoweeks lows on Tuesday, as lack of fresh details over China39;s stimulus measures sparked a selloff in sectors linked to the world39;s secondlargest economy such as mining and luxury.
The panEuropean STOXX 600 index was down 0.9, as of 0758 GMT, touching its lowest levels since Sept. 23.
Luxury firms such as LVMH, Kering, Burberry and Hermes, which draw a large part of their revenue from China, fell in the range of 2.6 to 6.3.
Shares of spirits makers Remy Cointreau and Pernod Ricard dropped 8 and 4, respectively, as China announced provisional antidumping measures on brandy imports from the European Union.
Miners fell the most among European sectors, down 4.4, as copper and iron ore prices dropped after initial optimism over top consumer China39;s stimulus measures faded.
Chinese runaway stocks39; rally began losing steam and Hong Kong shares slumped as officials disappointed markets by providing only a few specific details on plans to bolster the country39;s slowing economy.
The measures that were announced were a great starting effort from China, but the market just wants to see more and China haven39;t come through with that yet, said Fiona Cincotta, senior market analyst at City Index.
So we39;ve got that classic China disappointment trade coming through where miners are tracking industrial…