European shares slip as lacklustre miners, luxury retailers in focus
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July 16 (Reuters) -European shares opened lower on Tuesday, pressured by weakness in metals miners, while dour earnings from luxury retailers Hugo Boss and Richemont weighed on investors' risk appetite.
The pan-European STOXX 600 .STOXX was down 0.4%, as of 0718 GMT. The basic resources sub-index .SXPP led sectoral declines with a 1.2% fall as it tracked easing copper prices. MET/L
Adding to the sector's losses, London-listed shares of Rio Tinto RIO.L fell 2.2% after the global mining giant reported second-quarter iron ore shipments below estimates.
Shares of Hugo Boss BOSSn.DE tanked nearly 9% after the German fashion house cut its annual sales forecast over weakening global consumer demand especially in markets such as China and the UK.
Cartier owner Richemont's CFR.S sales were almost flat in the three months through June, as a sharp drop in Chinese demand clouded the overall result, pushing it just below expectations. Shares of Richemont edged 0.1% lower.
The stocks pulled the personal and household goods sector .SXQP down 0.7%.
Market focus was also on the political developments in the United States as investors mulled the impact of Donald Trump's potential second stint at U.S. presidency.
Reporting by Shristi Achar A in Bengaluru; Editing by Sherry Jacob-Phillips
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