This content is not available in your region

European shares steady on mixed trade signals, luxury stocks steal show

Access to the comments Comments
European shares steady on mixed trade signals, luxury stocks steal show
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, December 2, 2019. REUTERS/Staff   -   Copyright  STAFF(Reuters)
Text size Aa Aa

LONDON (Reuters) – European shares steadied after stellar gains on Wednesday, as mixed signals on a U.S.-China “phase-one” trade deal continued to discourage investors from making risky bets.

The pan-European STOXX 600 <.STOXX> rose 0.3% by 0814 GMT, mainly driven by bond proxy utilities, healthcare and real estate sectors.

The trade-sensitive German blue-chip index <.GDAXI> was flat.

“Back to 2019 and we are living in a pre-December 15th world where one headline or tweet on trade has the ability to turn a good day into a bad one and visa-versa,” Deutsche Bank strategist Jim Reid said. A further set of U.S. tariffs on Chinese goods is set to take effect on Dec. 15.

Luxury stocks were the pick of the day after Bloomberg reported that Gucci-owner Kering <PRTP.PA> held “exploratory” talks about a potential deal with Italian luxury puffer coat maker Moncler <MONC.MI>.

The news sent Moncler’s shares up 11%, also boosting its local peers Salvatore Ferragamo <SFER.MI> and Tod’s <TOD.MI> shares up 3%.

(Reporting by Thyagaraju Adinarayan; Editing by Hugh Lawson)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on for a limited time.