European Stocks Fall as Shares of Oil Majors Retreat
European stock markets
London - QNA
European stock markets fell on Tuesday, with a pullback in the shares of major oil companies weighing on markets. The pan-European STOXX 600 index was down by 0.3%, with the index down by around 7% so far in 2016.
The STOXX Europe 600 Oil & Gas index fell 0.4% as oil prices retreated from one-year highs. However, the shares of European luxury goods stocks outperformed, after LVMH reported a forecast-beating acceleration in third-quarter sales.
LVMH shares rose 4.4%, with rival luxury good stocks such as Christian Dior, Richemont and Burberry also gaining ground.
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