LONDON — European stock markets opened mostly down during morning trading on Tuesday, with luxury goods companies sinking following weak first-quarter figures from LVMH Moët Hennessy Louis Vuitton reported Monday evening.
The DAX in Frankfurt was virtually unchanged 9,693.61. The FTSE MIB in Milan declined 0.3 percent at 17,658.17, while the FTSE 100 in London dipped 0.2 percent to 6,188.24, and the CAC 40 in Paris was down 0.1 percent to 4,305.31.
At 9:30 a.m. CET, the euro traded at $0.90 and the pound fetched $1.24.
Retail and luxury stocks were mostly in negative territory. LVMH lost 3.3 percent to 141.20 euros. Burberry Group and Moncler both declined 2.3 percent, to 12.67 pounds and to 14.08 euros respectively.
LVMH reported stalled sales at its linchpin fashion and leather goods division, where flagship brand Louis Vuitton contributes an estimated 50 percent of group profits.
Group sales rose 3.6 percent in the three months ended March 31 to 8.62 billion euros, or $9.51 billion.
Among the morning’s biggest risers was Asos, 4.8 percent to 35.70 pounds. The high street retailer released interim with group sales up 21 percent.
“We’ve had a good start to the year and I’m pleased with progress on a number of fronts,” chief executive officer Nick Beighton said, noting that U.K. sales gained 25 percent while international orders rose 18 percent.
Mysale Group was up 1.2 percent to 0.47 pounds and Boohoo, 2.3 percent to 0.43 pounds.