Just Three Firms Are Driving Europe’s €420 Billion Stock Rout

Three former market darlings have accounted for over half of the €420 billion ($481 billion) wiped off European stocks this quarter.

LVMH Moët Hennessy Louis Vuitton SE, SAP SE, and Novo Nordisk A/S have slumped by about 30% so far this year, together making up about 53% of the total market capitalization shed by constituents of the Stoxx Europe 600 index. Their share of the losses far exceeds a combined index weighting of 3%.