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

Published 03/12/2019, 09:32
Updated 03/12/2019, 09:36
© Reuters.  European shares recover, French luxury stocks hit by U.S. tariff threat
FCHI
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DE40
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LVMH
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PRTP
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CRDI
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HRMS
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STOXX
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(For a live blog on European stocks, type LIVE/ in an Eikon

news window)

Dec 3 (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 ($1.1 billion) in Western Europe.

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