European shares opened lower on Wednesday, dampened by luxury stocks after dour results from the world’s biggest luxury group LVMH weighed on sentiment and as a raft of lacklustre corporate earnings added to the sombre mood.

The pan-European STOXX 600 index was down 0.6% at 512.3 points, as of 0720 GMT, led by a 2% slump in personal and household goods sector.

Shares of LVMH fell 5.5% after the world’s biggest luxury group missed estimates for second-quarter sales as Chinese shoppers reined in their spending habits.

The French benchmark CAC 40 index, which houses the retail giant, lost 1.2% and underperformed among regional bourses.

Europe’s STOXX 600 ends marginally higher

Technology shares shed 0.8%, led by a 4.7% fall in Temenos after the Swiss banking software firm lowered its annual outlook, citing an impact of short-seller Hindenburg Research’s report on its half-year performance.

Across the Atlantic, dismal results from U.S. tech giants Tesla and Alphabet also dented sentiment.

Among other corporate updates, Deutsche Bank lost 7.7% after Germany’s largest lender posted its first loss in four years in the second quarter.