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European stocks slipped on Tuesday on worries about China’s regulatory crackdown, as household products maker Reckitt Benckiser dropped after reporting a rise in costs.
The Stoxx Europe 600
SXXP,
fell 0.4% to 459.43.
Of the major regional indexes, the German DAX
DAX,
declined 0.5%, the French CAC 40
PX1,
declined 0.2% and the U.K. FTSE 100
UKX,
declined 0.5%.
The Hang Seng HK:HSI fell more than 4% for a second straight session, weighing on a range of Chinese tech companies listed there. According to FactSet, 8% of FTSE 100 and DAX company revenue derives from China, as does 7% of CAC 40 revenue.
Decliners included Reckitt Benckiser
RKT,
which dropped 9% after joining Unilever
ULVR,
in reporting how rising costs have eaten into its profit, and Prosus
PRX,
which is the largest investor in Chinese tech giant Tencent
700,
LVMH Moet Hennessy
MC,
bucked the decline, rising 2% as the world’s top luxury goods maker reported a stronger-than-forecast first-half profit.
Just Eat Takeaway.com
TKWY,
added 3% as one of its leading shareholder called for the delivery group to merge with a rival.
