European shares slipped Oct. 23 with a sharp Kering decline and rising oil prices in focus, while the STOXX Europe 600 lost 0.31%, extending a weekly decline. Stuttgart exchange data put the index at 635.77 points at the close, and Reuters reported it fell about 1.4% for the week.
Kering reported third-quarter 2026 revenue of €3.345 billion, flat as reported and down 1% on a comparable basis from a year earlier. Gucci generated €1.291 billion, down 4% as reported and 6% on a comparable basis. Kering cited lower traffic as its main constraint and a more demanding comparison with the prior year. Gucci’s directly operated retail sales fell 9% on a comparable basis. Chief Executive Luca de Meo said, “The recovery of Gucci remains our defining priority.”
Reuters reported Kering shares fell 16.6%, the steepest decline among STOXX 600 companies that day. Holcim offered a counterpoint: Reuters said its shares gained about 5% after the company raised its 2026 guidance for organic recurring EBIT growth to 10%-12%. Holcim’s third-quarter net sales rose 15.5% in Swiss francs to CHF 4.662 billion, while recurring earnings before interest and taxes increased 16.8% to CHF 976 million. The company attributed its results to demand for higher-value products, cost discipline and operational execution.
Brent crude settled 3.1% higher at $116.72 a barrel, its highest level since June 2022, the Associated Press reported. The AP linked the supply disruption to the war with Iran and said higher oil prices were adding to costs for goods including gasoline, food and clothing.
Reuters also cited unrest and fiscal concerns in France as drags on investor sentiment. Agence France Trésor listed its TEC 10 rate at 5.05% on Oct. 23. The European Central Bank is scheduled to announce its next policy decision at 9:15 a.m. ET Thursday, Oct. 29, followed by a news conference at 9:45 a.m. ET.
