REFILE-European shares fall as China devalues, ZEW weakens

martes 11 de agosto de 2015 07:36 GYT
 

(Fixes misused word in headline; no change in text.)

* BMW, Swatch, LVMH weaker after Chinese move

* Greek shares rise on new bailout deal

* 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 currency and a report showed economic sentiment weakening in Germany.

China is a top export market for euro zone companies, and its devaluation of the yuan raised the prospect of a new round of currency wars. European equities and export-focused companies have benefited from a weaker euro this year after the European Central Bank began its bond-buying scheme to spur growth.

The pan-European FTSEurofirst 300 index and the euro zone's Euro STOXX 50 index both fell by around 1 percent. Germany's exporter-heavy DAX index lost almost 2 percent, falling to its lowest level since Aug. 4.

"What is good for growth in China is unfortunately bad for everybody else," said Bill McQuaker, co-head of multi-asset at Henderson Global Investors.   Continuación...