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European shares slip on earnings drag; Burberry leads losses
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European shares slip on earnings drag; Burberry leads losses
Jul 15, 2024 1:07 AM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window)

July 15 (Reuters) -

European shares opened lower on Monday after a raft of dour

updates from companies made investors, already jittery from the

assassination attempt on U.S. presidential candidate Donald

Trump, more cautious.

The continent-wide STOXX 600 was down nearly 0.5%

as of 0711 GMT.

Leading losses were shares of Burberry ( BBRYF ), down 11.4%

after the British luxury group named former Michael Kors boss

Joshua Schulman as its new chief executive, axeing Jonathan

Akeroyd after two years as it warned on profit and scrapped its

dividend.

Swatch Group fell 10.6% as the world's biggest

watchmaker reported a steep fall in first half sales and

earnings.

Personal and household goods sector, housing both

the stocks fell 1.1% and led sectoral declines.

Nordea lost 3.1% after the Finnish bank reported

second-quarter operating earnings just below expectations.

Meanwhile, Donald Trump will be formally nominated as the

Republican presidential candidate in Milwaukee later this week

after surviving an assassination attempt that has aggravated an

already bitter U.S. political divide, with traders weighing its

impact on financial markets.

Investors will now await ECB President Christine Lagarde's

remarks later in the day, ahead of the central Bank's policy

meeting later this week.

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