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European shares recover, French luxury stocks hit by U.S. tariff threat

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By Reuters
European shares recover, French luxury stocks hit by U.S. tariff threat
FILE PHOTO: he German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, December 2, 2019. REUTERS/Staff   -   Copyright  STAFF(Reuters)
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(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 <LVMH.PA>, Kering <PRTP.PA> and Hermes <HRMS.PA> 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 <CRDI.MI> 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.

(Reporting by Sruthi Shankar in Bengaluru; editing by Uttaresh.V)

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