European tech, luxury stocks tumble as ASML, LVMH results disappoint
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France's CAC 40 underperforms peers on luxury drag
Adidas drops amid broader selloff despite third 2024 outlook
Spain's IBEX closes at highest since January 2010
ECB's interest rate decision due on Thursday
Updated at 1600 GMT
By Paolo Laudani, Ankika Biswas and Johann M Cherian
Oct 16 (Reuters) - Europe's STOXX 600 settled lower on Wednesday, with tech and luxury stocks hurt by disappointing results from industry heavyweights ASML and LVMH, while caution prevailed ahead of the European Central Bank's policy decision.
The continent-wide STOXX 600 index .STOXX fell0.2%, retreating further from the over two-week high hit early on Tuesday. The euro zone blue chip index STOXX50E closed at more than a three-week low.
ASML ASML.AS, the world's biggest chipmaking equipment manufacturer, shed another 5.1% to hit a 10-month low, dragging the tech index .SX8P down 1.5%to a one-month low. Its weak 2025 sales forecast on Tuesday sparked its steepest one-day decline in nearly three decades.
Jochen Stanzl, chief market analyst at CMC Markets, said ASML's disappointing results might be due to cost cuts by its customers such as Intel INTC.O and that in a few months, fresh orders could lift the stock.
The luxury sector also falteredas France's LVMH LVMH.PA dropped 3.7%, the stock's biggest one-day drop in over one month,after the company reported weakerthird-quarter sales. The French CAC 40 index .FCHI underperformed mostmajor European bourses with a 0.4% decline.
Peers Gucci-owner Kering PRTP.PA, Hermes HRMS.PA and Richemont CFR.S fell between 0.8% and 1.3%. The broader luxury .STXLUXP and personal and household goods .SXQP indexes each shed over 1.3%.
Both indexes have underperformed STOXX 600 so far this year.China-exposed firms have grappled with dwindling sales in the world's second-biggest economy, with sentiment getting a brief boost from the latest stimulus measures.
Shoemaker Adidas ADSGn.DE fell 6.3% despite raising its full-year sales and profit guidance.
Spain's benchmark .IBEX closed at itshighest since January 2010, butGermany's DAX .GDAXI index retreated further by 0.1% from Tuesday's record high.
"The probability for (the DAX) to continue going up is higher because given the fact that there are a lot of export oriented companies in the DAX comparable to global U.S. companies," Stanzl said.
Market participants expect the ECB to cut rates by another 25 basis points on Thursday, which could boost stocks.
Travel and leisure stocks .SXTO rose 1.6% to top sectoral charts, boosted by Whitbread's WTB.L 6% gain after the Premier Inn owner saidbookings were picking up for the holiday season.
Among others, Just Eat Takeaway TKWY.AS lost 8.8% after the food delivery company missed expectations forthird-quarter gross transaction value.
Tecan TECN.S dropped 14.5% to the bottom of the STOXX index after the Swiss life science equipment maker cut its annual outlook.
Teleperformance TEPRF.PA topped the STOXX index with a 11.2% rise after Kepler Cheuvreux upgraded the office services and call centre company's stock to "buy" from "hold."
European luxury underperforms broader stocks https://reut.rs/3YbECLp
Reporting by Paolo Laudani in Gdansk, Ankika Biswas and Johann M Cherian in Bengaluru; Editing by Savio D'Souza, Eileen Soreng and Richard Chang
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