European stocks fall on Brexit tensions

25 Oct 2019 10:36 AM

European stocks fell on Friday, as the impact of tensions over Britain's secession from the European Union and the expectations of Anuszer Bush Enbev outweighed modest annual profit growth on strong sales of luxury goods makers.

The prime minister admitted for the first time on Thursday that he would not be able to meet an October 31 deadline for Brexit and called a general election, the only way to break the deadlock between him and parliament.

Eurostoxx 600 was down 0.1% with most of the indexes slightly lower, but France's CAC 40 outperformed all of its peers and rose 0.3%.

The food and beverage sector led the losses, weighed down by a 9% drop in Anhauser Bosch Inbev, after the world's largest brewery reported lower-than-expected quarterly earnings and forecast modest earnings growth in 2019.

On the other hand, shares of Cairng, owner of Gucci and Moncler, the Italian jackets maker jumped to the top of the Stokes index, while the two companies joined other companies to seek luxury to ease concerns about the impact of third-quarter sales of protests in Hong Kong.