LONDON : European luxury stocks were the top decliners in London, Paris and Milan on Wednesday after data showed China's factory inflation jumped in October, heightening stagflation concerns in the country, a top buyer of high-end products.
China's factory gate inflation hit a 26-year high in October, squeezing profit margins for producers and boosting growth concerns in the world's second-largest economy. The European luxury sector slumped 15per cent from August to October after China announced plans to redistribute wealth, interrupting a whopping 140per cent rise from March 2020 to August 2021.