Europe Markets: European stocks skid as luxury-goods makers and commodity producers tumble


European stocks slumped on Thursday, as luxury-goods makers dived on worries over China’s efforts to tackle income equality, with mining stocks losing ground after minutes from the last Federal Reserve interest-rate-setting committee indicated it was soon going to start reducing the rate of bond purchases.

The Stoxx Europe 600

fell 1.5% to 467.24, in the first opportunity for investors in Europe to react to the Fed news.

Of the major regional indexes, the German DAX

skidded 1.3%, the French CAC 40

slumped 2.4% and the U.K. FTSE 100

slumped 1.5%.

The Stoxx Europe 600 basic resources index

dropped nearly 5% as iron-ore and other key metals declined in value.

The luxury-goods sector was in retreat, on worries over China’s crackdown on the wealthy. Kering

fell 9%, and LVMH Moet Hennessy

dropped 6%.

U.S. stock market futures
at the time of the European close, were struggling to find positive territory.

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