Europe Markets

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

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(FILES) In this file photo taken on July 24, 2020, the Lavender Pit at Copper Queen Mine, in Bisbee, Arizona.

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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 SXXP, -1.51% 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 DAX, -1.25% skidded 1.3%, the French CAC 40 PX1, -2.43% slumped 2.4% and the U.K. FTSE 100 UKX, -1.54% slumped 1.5%.

The Stoxx Europe 600 basic resources index SXPP, -4.15% 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 KER, -9.47% fell 9%, and LVMH Moet Hennessy MC, -6.38% dropped 6%.

U.S. stock market futures ES00, +0.20%, at the time of the European close, were struggling to find positive territory.

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