European stocks slipped on Wednesday after sharp gains in the previous session, as luxury giant LVMH dragged the sector lower on disappointing sales, though Novo Nordisk jumped after positive update on its diabetes drug Ozempic.
The benchmark rallied almost 2% on Tuesday to record its biggest one-day gain in 11 months, boosted by dovish comments from U.S. Federal Reserve policymakers.dropped 6.7% to touch a more than 10-month low after the luxury goods bellwether reported a 9% rise in third-quarter revenue, marking slower growth as a strong wave of post-pandemic spending eases., however, jumped 3.
8% after the Danish drugmaker said it would stop a trial studying Ozempic to treat kidney failure in diabetes patients ahead of schedule because it was clear from an interim analysis that the treatment would succeed.An Indian government panel has recommended that automakers who step up connectivity features in cars to communicate with other vehicles and external systems should win better ratings on crash tests, a draft report showed, in a bid to boost road safety.
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LVMH Revenues Up 1% in Third Quarter as Fashion Sales SlowOrganic revenues for its fashion and leather goods division were up 9 percent in the quarter, versus a 21 percent rise in the prior quarter.
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LVMH Q3 revenue rises 9%, slowing from post-pandemic frenzyLuxury goods bellwether LVMH (LVMH.PA) reported a 9% rise in third quarter revenue on Tuesday, marking slower growth as strong wave of post-pandemic spending eases up amid a backdrop of rising inflation and economic turbulence.
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