French Stocks Decline As Luxury Stocks Drag

(RTTNews) - French stocks fell sharply on Wednesday after luxury goods bellwether LVMH reported lower sales growth in the third quarter in a sign that the post-pandemic luxury boom is waning.

LVMH shares slumped 7 percent while peers Hermes and Kering fell 2-3 percent.

The benchmark CAC 40 was down 52 points, or 0.7 percent, at 7,109 after climbing around 2 percent the previous day on dovish Fed talk and reports of new Chinese stimulus.

Veolia edged up slightly on news the resource management company has bagged a contract worth over 2 billion euros in Hong Kong.

Accor S.A., a hospitality company, gained about 1 percent after launching a 400 million euros share buyback program.