European stocks slipped on Tuesday on worries about China’s regulatory crackdown, as household products maker Reckitt Benckiser dropped after reporting a rise in costs.
The Stoxx Europe 600 SXXP, -0.38% fell 0.4% to 459.43.
The Hang Seng HK:HSI fell more than 4% for a second straight session, weighing on a range of Chinese tech companies listed there. According to FactSet, 8% of FTSE 100 and DAX company revenue derives from China, as does 7% of CAC 40 revenue.
Decliners included Reckitt Benckiser RKT, -8.87%, which dropped 9% after joining Unilever ULVR, +0.15% in reporting how rising costs have eaten into its profit, and Prosus PRX, -8.49%, which is the largest investor in Chinese tech giant Tencent 700, -8.98%.
LVMH Moet Hennessy MC, +2.02% bucked the decline, rising 2% as the world’s top luxury goods maker reported a stronger-than-forecast first-half profit.
Just Eat Takeaway.com TKWY, +3.04% added 3% as one of its leading shareholder called for the delivery group to merge with a rival.