European shares recover, French luxury stocks hit by U.S. tariff threat
Reuters
Published Dec 03, 2019 08:47
European shares recover, French luxury stocks hit by U.S. tariff threat
(Reuters) - European shares on Tuesday recovered from two-week lows hit in the previous session, getting a boost from technology and bank stocks, even as investors still grappled with prospects of fresh global trade disputes.
Trade-sensitive German shares (GDAXI) climbed 0.7%, although French stocks (FCHI) rose only marginally after U.S. threatened of punitive duties of up to 100% on $2.4 billion in imports from France including Champagne, handbags and cheese.
Shares in luxury stocks LVMH (PA:LVMH), Kering (PA:PRTP) and Hermes (PA:HRMS) fell about 1.5%.
The broader European stocks index (STOXX), however, rose 0.5% by 0818 GMT, recovering from a slide to near two-week lows on Monday following U.S. President Donald Trump's move to restore tariffs on metal imports from Brazil and Argentina.
Among the bright spots, Italy's biggest bank UniCredit (MI:CRDI) rose 1.1% after saying it would buy back its stock this year and shed 9% of staff under a new plan to 2023 to cut costs by 1 billion euros (859 million pounds) in Western Europe.
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Written By: Reuters
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