European shares fall as China devaluation hits carmakers, luxury goods

martes 11 de agosto de 2015 04:15 GYT
 

* Greek shares rise on new bailout deal

* BMW, Swatch, LVMH weaker after Chinese move

* Konecranes shares surge on Terex merger plan

By Sudip Kar-Gupta

LONDON, Aug 11 (Reuters) - European shares retreated on Tuesday, with carmakers and luxury goods stocks among the worst performers after China devalued its yuan currency.

However, the Athens stock market - which has consistently underperformed this year due to concerns over Greece's debt problems - rose after Greece and its international lenders reached a new bailout deal.

The pan-European FTSEurofirst 300 index and the euro zone's blue-chip Euro STOXX 50 index both declined by 0.6 percent. The FTSEurofirst is up around 15 percent since the start of 2015.

China is an important export market for European luxury goods companies and carmakers, and shares in those two sectors were among the hardest hit by the yuan devaluation.

"We have reduced our exposure to European export-led sectors, such as carmakers," said Francois Savary, chief strategist at Swiss bank Reyl.   Continuación...