European luxury goods stocks fall

Luxury goods stocks were among the worst performing sectors in Europe on Thursday, with analysts at Berenberg warning that industry data "clearly indicates" that demand is under pressure. Watch manufacturers were also hit by a sharp decline in Swiss watch exports in May. The Goldman Sachs European luxury goods stock basket index fell 1.8%, hitting its lowest level since April 24th. Companies affected include Richemont Group, LVMH, Herms, L'Oral, Kering Group, Moncler, Pandora, and Burberry.