European stocks took a hit as China's stock rally lost momentum. A lack of new stimulus details from China has affected the luxury sector. Shares in LVMH and Kering were down Tuesday.
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You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement European stocks took a hit on Tuesday as China's stock rally cooled following a lack of much-awaited details about how the government plans to support economic growth in the country. Investors were expecting the National Development and Reform Commission, China's top economic planner, to provide fresh information regarding stimulus plans at a press conference on Tuesday.
But this didn't happen, hitting sectors reliant on China, including mining and luxury. Shares in LVMH , which owns Louis Vuitton and Christian Dior, were down about 4%, and Kering, which owns Gucci and Balenciaga, was down around 6% early Tuesday ET. Meanwhile, British luxury fashion house Burberry fell nearly 6%.
Advertisement Chinese stock markets were initially strong, with shares rising by over 10% after the.