December 3, 2019 / 8:33 AM / 11 days ago

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

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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 climbed 0.7%, although French stocks 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, Kering and Hermes fell about 1.5%.

The broader European stocks index, 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 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. (Reporting by Sruthi Shankar in Bengaluru; editing by Uttaresh.V)

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