(Reuters) – European stocks slipped on Wednesday, weighed down by worries about a slow economic recovery, while most investors stayed on the sidelines ahead of the US Federal Reserve’s policy move.
The pan-European STOXX 600 index fell 0.4% at the start of the session, after losses in Asian markets and on Wall Street.
Microsoft’s stellar results did little to help Europe’s tech sector, which fell 1.3%, while miners, oil and gas and banking fell nearly 1% each.
Global cases of the coronavirus have exceeded 100 million, according to a Reuters rally, and Europe – the worst-affected region in the world – currently reports one million new infections roughly every four days.
Precious metal miner Fresnillo Plc slipped 3.1% after forecasting weaker gold production for the current year.
The manufacturer of hygiene products Essity fell 0.6% despite a smaller than expected decline in its quarterly operating profit.
The French luxury group LVMH grew by 1.4%, the boom in sales of fashion brands like Louis Vuitton, especially in China, helping to cushion the impact of the coronavirus pandemic.
Kering, owner of Gucci, gained 1%.
Reporting by Sruthi Shankar in Bengaluru; Edited by Subhranshu Sahu