Concerns about the luxury goods markets dragged the European stocks

Hugo BossThe concerns about the shrinking market for luxury goods dragged major indices of European markets down. Among the major losers are the manufacturer of cognac Remy Martin – Remy Cointreau. The company recorded a decline in its share price by 8.31% to a level of 66 EUR after voicing fears of declining sales in China. For the first six months of the fiscal year Remy Cointreau has a profit decrease of 20%. These data led to a decrease of Stoxx Europe 600 by 0.6% to 322.24 points, and so the index stopped its upward movement. Yesterday he registered a growth of 0.4%. Since the beginning of the year Stoxx Europe 600 increased by 15%. Among the biggest losers is another luxury brand – Hugo Boss. The company said it will not meet the targets set for 2015. This led to a reduction in the price of securities of the company by 2.1% to 97 USD per share.
Against this background, Repsol shares rose 4.3% to 19.24 EUR per share. The company was assured that he would be compensated for its share in YPF, taken from the Government of Argentina in April 2012. The Spanish company assess its share of 3.5 billion USD plus 1.5 billion USD for lost benefits of development projects in the company.
Other indexes of the European markets also ended a frustrating day. The French CAC 40 lost 0.57% of its value and amounted to 4 277.57 points. London’s FTSE 100 closed at 6 636.22 points, or a decrease of 0.87%. For DAX30 decrease was 0.11% to 9 290.07 points.

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