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Reckitt results, China woes drag European shares lower
Published at 27/07/2021 at 08:27

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

July 27 (Reuters) - European stocks lost ground on Tuesday as sharp falls in Chinese shares and disappointing sales numbers from Reckitt Benckiser offset a batch of strong earnings updates from companies including LVMH.

The pan-European STOXX index fell 0.6% in its second session of losses but held a few points below its all-time high.

Lysol maker Reckitt tumbled 9.2% as easing demand for its soaps and cold remedies led the company to miss analysts' estimates for quarterly sales.

Worries about stricter regulation of China's heavyweight technology sector have fuelled a selloff in global markets this week, despite optimism about U.S. and European earnings season.

Dutch tech investor Prosus slumped 7.4%, hitting new lows since May 2020, weighed down by the selloff in Hong Kong and mainland China shares.

The world's biggest luxury goods group LVMH inched up after posting higher sales and profits.

(Reporting by Sruthi Shankar in Bengaluru)

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