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)