Leading French luxury stocks fall after latest US tariff threats

An employee serves a glass of Champagne during the traditional wine harvest at the Champagne house Deutz in Ay, France, September 22, 2016. — Reuters pic
An employee serves a glass of Champagne during the traditional wine harvest at the Champagne house Deutz in Ay, France, September 22, 2016. — Reuters pic

PARIS, Dec 3 — Shares in leading French luxury companies fell today after the United States issued a new set of tariff threats on French products.

Yesterday, the US government said it may slap punitive duties of up to 100 per cent on US$2.4 billion (RM10 billion) of imports from France of champagne, handbags, cheese and other products, after concluding that France’s new digital services tax would harm US tech companies.

Shares in French luxury handbag maker Hermes fell by around two per cent, while luxury goods companies LVMH and Kering fell 1.5 per cent and 1.2 per cent respectively.

Glass bottle maker Verallia, which makes glass containers to brands such as Dom Perignon champagne, fell 2.5 per cent. — Reuters 

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