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European shares steady on mixed trade signals, luxury stocks steal show

Published 12/05/2019, 04:38 PM
Updated 12/05/2019, 04:40 PM
European shares steady on mixed trade signals, luxury stocks steal show
DE40
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PRTP
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SFER
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TOD
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STOXX
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MONC
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LONDON, Dec 5 (Reuters) - European shares steadied after
stellar gains on Wednesday, as mixed signals on a U.S.-China
"phase-one" trade deal continued to discourage investors from
making risky bets.
The pan-European STOXX 600 .STOXX rose 0.3% by 0814 GMT,
mainly driven by bond proxy utilities, healthcare and real
estate sectors.
The trade-sensitive German blue-chip index .GDAXI was
flat.
"Back to 2019 and we are living in a pre-December 15th world
where one headline or tweet on trade has the ability to turn a
good day into a bad one and visa-versa," Deutsche Bank
strategist Jim Reid said. A further set of U.S. tariffs on
Chinese goods is set to take effect on Dec. 15.
Luxury stocks were the pick of the day after Bloomberg
reported that Gucci-owner Kering PRTP.PA held "exploratory"
talks about a potential deal with Italian luxury puffer coat
maker Moncler MONC.MI .
The news sent Moncler's shares up 11%, also boosting its
local peers Salvatore Ferragamo SFER.MI and Tod's TOD.MI
shares up 3%.

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