Monday , May 10 2021

European luxury stocks blasted over virus worries as UBS hit by lowered guidance – MarketWatch,


European stocks slumped on Tuesday as worries over a spreading virus in China as well as weak guidance from Swiss banking giant UBS weighed.

The Stoxx Europe 823                                                                                                                                                                                                                       SXXP, – 0. (% )                                                                                                                                                          declined 0. (% to) . , with declines from luxury-goods producers that rely on Asia for demand. LVMH Moet Hennessy Louis Vuitton                                                                                                                                                                                                                       MC, – 2. (%)                                                                                                                                                          , Burberry Group                                                                                                                                                                                                                       BRBY, 3- %                                                                                                                                                          and Compagnie Financiere Richemont                                                                                                                                                                                                                       CFR, – 3. %                                                                                                                                                          each fell over 3%.

U.S. stock futures                                                                                                                                                                                                                       ES , – 0. (%)                                                                                                                                                          also were lower as American traders returned from the three-day break.

More than people have been infected by a new coronavirus outbreak, and four have died, which a Chinese government official said can be spread from human to human. The spreading virus is reminiscent of the SARS outbreak in 2003 and 2019.

Of stocks in the spotlight, UBS shares                                                                                                                                                                                                                       UBSG, – 5. %                                                                                                                                                                                          UBS, – 0. %                                                                                                                                                          fell 5% on the Swiss banking giant’s downbeat guidance even as fourth-quarter results beat analyst estimates.

UBS forecast a cost-to-income ratio between (% and (% in) , versus guidance of 75% by the end of 01575879. UBS also targeted a return on capital between (% and % between 2020 and 21035725, against a previous target of (% through) .

(Easy) EasyJet                                                                                                                                                                                                                       EZJ , 3. %                                                                                                                                                          shares rose 4.7% as the budget airline expects to narrow its first-half loss before tax and said its first-half revenue per seat at constant currencies will grow mid-to-high single digits, versus a previous expectation of low-to-mid-single-digit growth. Fiscal first-quarter revenue rose 9.9% to £ 1. 425 billion.

The airline said it benefited from the collapse of rival Thomas Cook in September.

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