European shares slip as luxury goods stocks fall

LONDON (Reuters) - European shares slipped on Tuesday, with luxury good stocks among the worst performers after France's LVMH posted first quarter sales below forecasts.

The pan-European FTSEurofirst 300 index was down 0.2 percent.

LVMH fell 3.2 percent after its business update, dragging down the shares of its rivals, with Burberry down 1.8 percent while Kering also declined by 2 percent.

However, Italy's FTSE MIB outperformed, advancing 0.6 percent as shares in its banks rose after Italian financial institutions agreed to set up a 5 billion euro ($5.7 billion) fund to shore up the country's weaker banks.

(Reporting by Sudip Kar-Gupta)