European shares edge lower on mixed earnings, China measures
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UK's Vistry slides after profit warning
Richemont down after quarterly sales dip
STOXX 600 set for mild weekly losses
Updated at 0918 GMT
By Shashwat Chauhan
Nov 8 (Reuters) -European shares inched down on Friday on the back of mixed earnings results, with heavyweight luxury firms among the top decliners, while investors assessed China's latest steps to aid its ailing economy.
The pan-European STOXX 600 .STOXX edged 0.2% lower, with healthcare .SXDP leading sub-sector gains with a 1% rise. Basic resources .SXPP lagged with a 2.3% fall, tracking lower base metal prices. MET/L
Metals came under pressure after a Chinese official said the country would let local governments issue an additional 6 trillion yuan ($837.7 billion) in bonds to swap for off-balance sheet or "hidden" debt over three years.
Analysts at Jefferies had noted before the announcement that "anything less than 10 trillion yuan would be a disappointment."
Other China-exposed sectors such as automobiles .SXAP and industrials .SXNP also fell between 0.5% and 1%.
Richemont CFR.S dropped 3.7% after the Cartier jewellery brand owner reported a 1% dip in sales during the three months to the end of September.
Most French luxury stocks fell, with LVMH LVMH.PA losing 1.7% and Kering PRTP.PA shedding 4.2%, respectively.
The European benchmark was set for mild weekly losses as investors assessed the likelihood of tariffs after Donald Trump recaptured the U.S. presidency with a sweeping victory earlier in the week.
"Most people ahead of the election said Trump is maybe good for the U.S., but it's not good for the rest of the world, and it's particularly not good for regions that depend on exporting to the U.S. consumer, which is very much Europe," said Guy Stear, head of developed markets strategy at Amundi.
Vistry VTYV.L slumped 16.6% after Britain's largest homebuilder by annual output issued its second full-year profit warning in a month.
However, British Airways-owner IAG ICAG.L jumped 6.4% after its quarterly operating profit jumped 15%, beating estimates.
Pirelli PIRC.MI rose 2.9% after the Italian tyre maker's operating profit rose more than expected in the third quarter.
Meanwhile, Wall Street stood at record highs overnight as the Trump rally continued, while the Federal Reserve cut interest rates by a quarter of a percentage point, as widely expected.
Dino Polska DNP.WA jumped about 10% after the Polish food retailer's third quarter results beat market expectations.
Serco Group SRP.L tumbled 10.2% after the British outsourcing company said it was unsuccessful in its bid to renew an immigration services contract with the Australian government.
Europe's underperformance leading up to U.S. elections https://tmsnrt.rs/40EK7Fk
Reporting by Shashwat Chauhan in Bengaluru; Editing by Janane Venkatraman and Abinaya Vijayaraghavan
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