i'm steve cedric. these are your headlines. luxury lows hitting the bottom of the stoxx europe 600 amid weakness in the home french market, dragging down european peers. italian banks getting a bad bank boost as italy forms a 5 billion euro rescue fund. and less is more for the japanese investment bank, cutting jobs and closing some operations in europe in a big blow to its global ambitions. plus, the tale of two steel groups. alcoa falls after hours as earnings disappoint. >>> very nice to see you. luxury stocks are leading the way lower. lvmh setting the negative tone after it missed the street with first quarter sales. the luxury group saw demands slow in its home french market. this on the back of the terrorist attacks, of course. its performance in hong kong was also weak. overall, they recorded first quarter sales of 8.6 billion euros, below consensus estimates. prada is another catalyst for the sector's move down. new shop openings will be offset with selective closures this year after reporting a large unexpected drop i