European shares steady as firmer luxury stocks offset weaker banks

martes 11 de octubre de 2016 04:49 GYT

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* LVMH rises after strong sales

* Other luxury good stocks also outperform

* STOXX 600 index down around 7 pct so far in 2016

By Sudip Kar-Gupta

LONDON, Oct 11 (Reuters) - European stock markets were steady on Tuesday as gains in the shares of major luxury goods companies, after strong figures from LVMH, offset the impact of weaker bank stocks.

The pan-European STOXX 600 index was flat and still down by around 7 percent since the start of 2016.

Berkeley Futures' associate director Richard Griffiths said he still had concerns about the generally weak economic backdrop facing Europe, with Britain's decision to quit the European Union adding another layer of uncertainty.

"I'm not an enthusiastic buyer of the markets here. I see more downside than upside," said Griffiths.   Continuación...