European stock markets fall as Trump renews tariff threats; trade war would be a ‘wrecking ball’ for UK manufacturing, union says

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European luxury stocks are also suffering this morning. The French conglomerate LVMH has dropped 4.45%, wiping billions off its market value. The group owns fashion brands such as Louis Vuitton, Marc Jacobs and Loewe.

Hermès International is also falling, down 2.9% this morning.