European stocks fall as Kering, ASML's downbeat results weigh

Kering tumbled 4.0% as sales growth at its star fashion brand Gucci missed analysts' expectations due to a sharp slowdown in its pace of recovery, particularly in Asia, from COVID-19. ASML Holdings, a key supplier to computer chip makers, fell 3.0% despite posting slightly better-than-expected quarterly results.

European shares inched lower on Wednesday as underwhelming earnings reports from French luxury group Kering and Dutch semiconductor company ASML overshadowed strong results from Nestle and others.

The pan-European STOXX 600 index slipped 0.1% by 0710 GMT, even as Asian peers tracked a strong finish on Wall Street. Kering tumbled 4.0% as sales growth at its star fashion brand Gucci missed analysts' expectations due to a sharp slowdown in its pace of recovery, particularly in Asia, from COVID-19.

ASML Holdings, a key supplier to computer chip makers, fell 3.0% despite posting slightly better-than-expected quarterly results. Dutch paints and coatings maker Akzo Nobel fell 2.3% after its quarterly earnings were hit by continued raw material inflation and supply chain disruptions, which it expects to continue through mid-2022.

Limiting losses, Swiss food giant Nestle gained 3.0% after it raised its sales outlook after strong coffee sales and price hikes pushed organic sales 6.5% higher in the third quarter.

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