European shares recover, French luxury stocks hit by U.S. tariff threat
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 climbed 0.7%, although French stocks rose only marginally after the 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, Kering and Hermes fell about 1.5%.
The broader European stocks index, 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 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 ($1.1 billion) in Western Europe.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
Control Print acquires business assets of Italy-based V shapes for over Rs 30 crore
Dialogue must remain open with Russia, Italy defence minister says
Italy arrests 22, seizes millions in EU fund fraud case
Police arrest 22 in EU raids linked to suspected theft of Italy's pandemic funds worth USD 650 million
Rugby-Italy's Menoncello voted player of Six Nations