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European shares fall as uncertainty prevails; tech, luxury hit

By Julien Ponthus

LONDON (Reuters) – European shares fell on Wednesday as investors assessed whether worries about global growth warranted the caution that led Wall Street and Asian markets to trade sideways the day before.

The tech sector was the worst performer, with Austrian chipmaker AMS (S:AMS) falling close to 7 percent and STMicroelectronics (PA:STM) down about 4 percent.

Luxury stocks were rattled by fears of a Chinese slowdown and a Morgan Stanley(NYSE:MS) “underweight” call on luxury stocks.

“We are seeing more investors opting to wait and see how risks surrounding rising U.S. treasury yields, global growth and China play out”, Jasper Lawler of LCG wrote in a morning note.

Shares in France’s LVMH (PA:LVMH) fell 4.2 percent, even though its fashion and leather goods unit did better than expected in the third quarter.

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