October 15, 2024 15:51 GMT
EQUITIES: Broad Miss for LVMH Prompts Renewed Selling in EuroStoxx
EQUITIES
LVMH report poor results for Q3 at the close:
- Fashion & leather organic sales -5% vs. Exp. +0.5%
- Revenues EUR19.1bln vs. Exp. EUR20.0bln
- Wines & spirits organic sales -7% vs. Exp. -2.4%
- Organic revenues -3% vs. Exp. +0.9%
Another phase of selling pressure goes through in European equity futures on the LVMH headline - adding to the earlier weight provided by ASML. EuroStoxx hits 4940.00 for a new daily low, putting the index lower by near 2.2% on the day.
- 4929.00 crosses as next support, the 3rd October low, and a test here would mean today's session has been the poorest for the index since the early August sell-off.
- LVMH is the biggest stock by market cap in the EuroStoxx50, with ASML the second largest. So the two largest companies in the index both posting very soft results here, explaining the outsized move in the index.
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