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Europe dips as global trade worries persist; Airbus, luxury stocks provide support

Europe dips as global trade worries persist; Airbus, luxury stocks provide support
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, January 30, 2019. REUTERS/Staff/Files -
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(Reuters) – European shares opened lower on Thursday, a day after logging their worst day since last December as the U.S. was given the go ahead to slap tariffs on European goods, but markets were spared from sharper losses after the list was reduced.

The United States said it would slap 10% tariffs on European-made Airbus <AIR.PA> planes and 25% duties on French wine, Scotch and Irish whiskies, and cheese from across the continent as punishment for illegal EU aircraft subsidies.

However, shares of Airbus jumped 3.5% recovering from a 2% fall on Wednesday, as the new U.S. list spared some Airbus parts.

The euro zone blue-chip index <.STOXX50E> gained 0.3%, finding support from luxury products makers, which were also spared of tariffs from Washington’s original list.

The pan-European STOXX 600 index <.STOXX> dipped 0.04%.

Investors are expecting surveys on the services sector for Europe and the U.S. later in the day.

The Frankfurt Stock Exchange will remain shut on Thursday for the Day of German Unity public holiday.

(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Bernard Orr)

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