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European shares steadied after stellar gains on Wednesday, as mixed signals on a US-China “phase-one” trade deal continued to discourage investors from making risky bets.
The pan-European STOXX 600 rose 0.3 per cent by 0814 GMT, mainly driven by the bond proxy utilities, healthcare and real estate sectors. The trade-sensitive German blue-chip index 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 US tariffs on Chinese goods is set to take effect on December 15.
Luxury stocks were the pick of the day after Bloomberg reported that Gucci-owner Kering held “exploratory” talks about a potential deal with Italian luxury puffer coat maker Moncler.
The news sent Moncler's shares up 11 per cent, also boosting its local peers Salvatore Ferragamo and Tod's shares up 3 per cent.
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