* 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.
Carmaker BMW fell 2.7 percent while luxury goods group Swatch and LVMH both weakened by more than 3 percent.
Shares in Adecco also fell after results from the world's biggest staffing group slightly lagged market expectations.
However, shares in Finnish cranemaker Konecranes surged more than 20 percent after Konecranes agreed on a merger with U.S. peer Terex.
Athens' benchmark ATG equity index advanced 1.2 percent as the Greek banking index surged 6 percent, with National Bank of Greece shares up sharply.
The Greek ATG index remains down by around 15 percent since the start of 2015, but took a boost from the latest bailout deal, which also eased pressure on sovereign borrowing costs.
The pact could be worth up to 86 billion euros ($95 billion) in fresh loans for debt-ridden Greece.
Europe bourses in 2015: link.reuters.com/pap87v
Asset performance in 2015: link.reuters.com/gap87v
Today's European research round-up (Editing by Ruth Pitchford)