European stocks fall as Kering, ASML’s downbeat results weigh

© Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, October 8, 2021. REUTERS/Staff

(Reuters) – European shares inched lower on Wednesday as underwhelming earnings reports from French luxury group Kering (PA:PRTP) and Dutch semiconductor company ASML overshadowed strong results from Nestle and others.

The pan-European STOXX 600 index slipped 0.1% by 0710 GMT, even as Asian peers tracked a strong finish on Wall Street. [MKTS/GLOB]

Kering tumbled 4.0% as sales growth at its star fashion brand Gucci missed analysts’ expectations due to a sharp slowdown in its pace of recovery, particularly in Asia, from COVID-19.

ASML Holdings, a key supplier to computer chip makers, fell 3.0% despite posting slightly better-than-expected quarterly results.

Dutch paints and coatings maker Akzo Nobel (OTC:AKZOY) fell 2.3% after its quarterly earnings were hit by continued raw material inflation and supply chain disruptions, which it expects to continue through mid-2022.

Limiting losses, Swiss food giant Nestle gained 3.0% after it raised its sales outlook after strong coffee sales and price hikes pushed organic sales 6.5% higher in the third quarter.