London shares weighed down by luxury stocks, downbeat US tech earnings
For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window
Burberry falls after LVMH reports sales slowdown
Aston Martin surges after half-yearly earnings update
FTSE 100 down 0.2%, FTSE 250 off 0.7%
Updated at 1558 GMT
By Purvi Agarwal and Roshan Abraham
July 24 (Reuters) -UK shares ended lower on Wednesday under pressure from weakness in luxury goods stocks and disappointing U.S. tech earnings, while Aston Martin surged after its half-yearly earnings update.
The blue-chip FTSE 100 index .FTSE was down 0.2%, while the mid-cap FTSE 250 .FTMC lost 0.7% to a near two-week low.
Quarterly earnings from U.S. megacap companies Alphabet GOOGL.O and Tesla TSLA.O failed to impress investors, dampening risk appetite for investors globally.
In the UK, luxury group Burberry BRBY.L slipped 2% after the world's biggest luxury group LVMH's LVMH.PA sales growth slowed in the second quarter.
"Weak results from LVMH and Remy Cointreau suggest the malaise in the luxury goods sector is yet to abate and this puts further pressure on battered British fashion brand Burberry," Dan Coatsworth, investment analyst at AJ Bell noted.
Aston Martin AML.L jumped 6.4%, recording its best day in nearly two months, after the luxury carmaker reported its half-yearly results.
Meanwhile, precious metal miners .FTNMX551030 rebounded with a 3% rise, as gold prices firmed. GOL/
easyJet EZJ.L climbed 3% after the low-cost carrier reported a 16% rise in third-quarter pretax profit.
Ascential ASCL.L soared 25.7% to the top of the FTSE 250 after Informa INF.L said it had agreed to buy the Cannes Lions Festival owner for 1.2 billion pounds ($1.55 billion).
U.S. inflation data, due Friday, will be watched to gauge the Federal Reserve's stance on interest rate cuts as the central bank's next policy decision edges closer.
($1 = 0.7738 pounds)
Reporting by Purvi Agarwal and Roshan Abraham in Bengaluru; Editing by Eileen Soreng and Jane Merriman
For related prices, Reuters users may click on - * UK stock report .L FTSE index: 0#.FTS6 techMARK 100 index: .FTT1X FTSE futures: 0#FFI: Gilt futures: 0#FLG: Smallcap index: .FTSC FTSE 250 index: .FTMC FTSE 350 index: .FTLC Market digest: .AD.L Top 10 by vol: .AV.L Top price gainers: .NG.L Top % gainers: .PG.L Top price losers: .NL.L Top % losers: .PL.L * For related news, click on - * UK hot stocks: HOT and GB Wall Street: .N Gilts report: GB/ Euro bond report GVD/EUR Pan European stock report: .EU Tokyo stocks: .T HK stocks: .HK Sterling report: GBP/ Dollar report: USD/ * For company prices, click on - * Company directory: UKEQ By sector: FTAX * For pan-European market data, click on - * European Equities speed guide................ EUR/EQUITY FTSE Eurotop 300 index........................... .FTEU3 DJ STOXX index................................... .STOXX Top 10 STOXX sectors........................ .PGL.STOXXS Top 10 EUROSTOXX sectors................... .PGL.STOXXES Top 10 Eurotop 300 sectors.................. .PGL.FTEU3S Top 25 European pct gainers.................... .PG.PEUR Top 25 European pct losers..................... .PL.PEUR
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
