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European shares retreated on Tuesday, with carmakers and luxury goods stocks among the worst-performers after China devalued its yuan currency.
The pan-European FTSEurofirst 300 index fell 0.2 per cent, while the euro zone’s blue-chip Euro STOXX 50 index declined by 0.3 per cent.
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 per cent, while luxury goods group Swatch weakened by 3 per cent.
Shares in Adecco also fell 3 per cent after results from the world’s biggest staffing group slightly lagged market expectations.
However, shares in Finnish cranemaker Konecranes surged 23 per cent after Konecranes agreed on a merger with US peer Terex.
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