European stocks head lower, LVMH shines after earnings

27 Jan 2021 / 16:23 H.

    (For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

    Jan 27 (Reuters) - European stocks slid on Wednesday, weighed down by concerns about a slow economic recovery, while most investors kept to the sidelines ahead of the U.S. Federal Reserve's policy decision.

    The pan-European STOXX 600 index dropped 0.4% in early trading, following losses in Asian markets and Wall Street.

    Microsoft's bumper results did little to help Europe's tech sector, which dropped 1.3%, while miners , oil & gas and banks fell close to 1% each.

    Global coronavirus cases surpassed 100 million, according to a Reuters rally, and Europe - the worst-affected region in the world - is currently reporting a million new infections about every four days.

    Precious metal miner Fresnillo Plc slid 3.1% after it forecast lower gold output for the current year.

    Hygiene products maker Essity slipped 0.6% despite reporting a smaller-than-expected drop in quarterly operating profit.

    French luxury group LVMH rose 1.4% as booming sales at fashion brands like Louis Vuitton, particularly in China, helped to cushion the impact of the coronavirus pandemic.

    Gucci-owner Kering gained 1%. (Reporting by Sruthi Shankar in Bengaluru; Editing by Subhranshu Sahu)

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