European Shares Falling Affected by Weak Results

European shares fell on Wednesday, as weak earnings from French luxury goods company Kering and Dutch semiconductor ASML outweighed strong results from Nestle and other companies.

The pan-European Stoxx 600 index was down 0.1 percent, although Asian shares rose, supported by a strong Wall Street close on Tuesday.

And Kering’s shares fell 4 percent, after its famous Gucci brand achieved sales less than analysts’ expectations, due to a sharp slowdown in the pace of its recovery from the Covid-19 pandemic, especially in Asia.

Shares in ASML Holdings of the Netherlands, a major supplier of computer chips, fell 3 percent, although their quarterly results were slightly better than expected.

Dutch paint maker Akzonobel fell 2.3 percent after its quarterly profit was hit by persistent raw material price inflation and supply chain disruptions expected to last until mid-2022.

But Swiss food maker Nestle pared losses, climbing 3 percent after it raised its sales forecast after strong coffee sales and price hikes drove self-sales up 6.5 percent in the third quarter.