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Shares fall, led lower by car makers and luxury stocks

August 11, 2015 10:49 AM

China is an important export market for European luxury goods companies and car makers, and shares in those two sectors were among the hardest hit in the wake of the yuan devaluation.

European shares fall, led lower by carmakers and luxury stocks

European shares retreated on Tuesday, with car makers and luxury goods stocks among the worst-performers after China devalued its yuan currency.

The pan-European FTSEurofirst 300 index fell 0.2 percent while the euro zone's blue-chip Euro STOXX 50 index declined by 0.3 percent.

China is an important export market for European luxury goods companies and carmakers, and shares in those two sectors were among the hardest hit in the wake of the yuan devaluation.

Carmaker BMW fell 2.6 percent while luxury goods group Swatch weakened by 3 percent.

Shares in Adecco also fell 3 percent after results from the world's biggest staffing group slightly lagged market expectations.

However, shares in Finnish cranemaker Konecranes surged 23 percent after Konecranes agreed on a merger with U.S. peer Terex.

Ben Bassey

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