UK39;s Vistry slides after profit warning
Richemont down after quarterly sales dip
STOXX 600 set for mild weekly losses
Nov 8 Reuters European shares inched down on Friday on the back of mixed earnings results, with heavyweight luxury firms among the top decliners, while investors assessed China39;s latest steps to aid its ailing economy.
The panEuropean STOXX 600 edged 0.2 lower, with healthcare leading subsector gains with a 1 rise. Basic resources lagged with a 2.3 fall, tracking lower base metal prices.
Metals came under pressure after a Chinese official said the country would let local governments issue an additional 6 trillion yuan 837.7 billion in bonds to swap for offbalance sheet or hidden debt over three years.
Analysts at Jefferies had noted before the announcement that anything less than 10 trillion yuan would be a disappointment.
Other Chinaexposed sectors such as automobiles and industrials also fell between 0.5 and 1.
Richemont dropped 3.7 after the Cartier jewellery brand owner reported a 1 dip in sales during the three months to the end of September.
Most French luxury stocks fell, with LVMH losing 1.7 and Kering shedding 4.2, respectively.
The European benchmark was set for mild weekly losses as investors assessed the likelihood of tariffs after Donald Trump recaptured the U.S. presidency with a sweeping victory earlier in the week.
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