REFILE-European shares fall as China devalues, ZEW weakens
(Fixes misused word in headline; no change in text.)
* BMW, Swatch, LVMH weaker after Chinese move
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* 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...