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  4. Major Daily Loss Hits European Stocks
Economy

Major Daily Loss Hits European Stocks

  • By Al Mayadeen
  • Source: Agencies
  • 19 Aug 2021 21:59

European shares have recorded their biggest daily drop in a month with mining, luxury goods, and travel and leisure stocks falling.

  • Luxury goods stocks hurt by Chinese drive to redistribute wealth.
    Stocks of luxury goods harmed by Chinese attempt to redistribute wealth

European shares fell on Thursday, recording the biggest daily loss in a month, as lower commodity prices pushed mining stocks lower, while luxury goods stocks were affected by a Chinese attempt to redistribute wealth.

The European "Stoxx 600" index fell 1.6% to its lowest level in two weeks, while shares of mining companies fell 4.2%, recording the largest one-day decline since last March.

Shares of luxury goods companies with significant exposure to China's economy, such as LVMH, Kering, and Richemont, fell between 5.8% and 9.2% due to Beijing's plans to target excessive corporate profits and wealth inequality.

Bank shares, including HSBC that focuses on Asia, Spain's BBBVA, and France's BNP Paribas, fell about 3% each.

The travel and leisure index fell 2.5% as a rise in infections with the mutated Delta strain of the Coronavirus reinforced fears of slowing global growth. 

It is worth noting that utility stocks are considered a safe bet in a time of economic uncertainty. 

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