European stocks head lower, LVMH shines after earnings

Precious metal miner Fresnillo Plc slid 3.1% after it forecast lower gold output for the current year. Hygiene products maker Essity slipped 0.6% despite reporting a smaller-than-expected drop in quarterly operating profit.

European stocks slid on Wednesday, weighed down by concerns about a slow economic recovery, while most investors kept to the sidelines ahead of the U.S. Federal Reserve's policy decision.

The pan-European STOXX 600 index dropped 0.4% in early trading, following losses in Asian markets and Wall Street. Microsoft's bumper results did little to help Europe's tech sector, which dropped 1.3%, while miners , oil & gas and banks fell close to 1% each.

Global coronavirus cases surpassed 100 million, according to a Reuters tally, and Europe - the worst-affected region in the world - is currently reporting a million new infections about every four days. Precious metal miner Fresnillo Plc slid 3.1% after it forecast lower gold output for the current year.

Hygiene products maker Essity slipped 0.6% despite reporting a smaller-than-expected drop in quarterly operating profit. French luxury group LVMH rose 1.4% as booming sales at fashion brands like Louis Vuitton, particularly in China, helped to cushion the impact of the coronavirus pandemic.

Gucci-owner Kering gained 1%.