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Europe Markets: European stocks skid as luxury-goods makers and commodity producers tumble

European stocks slumped on Thursday, as luxury-goods makers dived on worries over China’s efforts to tackle income equality, with mining stocks losing ground after minutes from the last Federal Reserve interest-rate-setting committee indicated it was soon going to start reducing the rate of bond purchases.

The Stoxx Europe 600
SXXP,
-1.51%

fell 1.5% to 467.24, in the first opportunity for investors in Europe to react to the Fed news.

Of the major regional indexes, the German DAX
DAX,
-1.25%

skidded 1.3%, the French CAC 40
PX1,
-2.43%

slumped 2.4% and the U.K. FTSE 100
UKX,
-1.54%

slumped 1.5%.

The Stoxx Europe 600 basic resources index
SXPP,
-4.15%

dropped nearly 5% as iron-ore and other key metals declined in value.

The luxury-goods sector was in retreat, on worries over China’s crackdown on the wealthy. Kering
KER,
-9.47%

fell 9%, and LVMH Moet Hennessy
MC,
-6.38%

dropped 6%.

U.S. stock market futures
ES00,
+0.30%
,
at the time of the European close, were struggling to find positive territory.

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