European markets close lower; Drinks makers slump on Chinese tit-for-tat tariffs

Oct. 13, 2024 - CNBC

European markets closed lower Tuesday afternoon after a shaky start to the week, with investors reacting to a slowdown in China's stimulus rally. The pan-European Stoxx 600 closed 0.

54% lower, with all major bourses and the majority of sectors trading in the red. Mining stocks shed 4.

47%, while household goods fell 1.47%.

European drinks makers LVMH , Pernod Ricard and Diageo all slumped after China announced temporary anti-dumping measures on European brandy imports, days after the EU's vote on electric vehicle tariffs. It comes amid a wider fall in luxury and mining stocks, as sentiment turned negative on a potential demand boost from stimulus measures in the key Chinese market.

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