European Stocks Drop as Spirit-Makers Lag; Oil Gains -- Market Talk

1733 GMT -- European stocks fall as losses for drinks and luxury-goods shares offset gains for oil and arms companies. The Stoxx Europe 600, FTSE 100 and CAC 40 drop about 1% and the DAX retreats 0.8%. Spirit-makers such as Pernod Ricard, Remy Cointreau and Davide Campari-Milano lose ground after a profit warning from Diageo, which itself tumbles 12%. Compagnie Financiere Richemont, LVMH Moet Hennessy Louis Vuitton and Kering are among the biggest luxury-goods fallers. Still, oil stocks gain as Brent crude advances 1.7%, to $81.37 a barrel, while defense groups Leonardo, Thales and BAE Systems also rise. Downbeat economic and trade data compounded negative sentiment in London. "The British economy stalled in the third quarter, the weakest performance in four quarters," IG analyst Axel Rudolph writes. ([e-mail])

(END) Dow Jones Newswires

November 10, 2023 12:48 ET (17:48 GMT)

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