LIVE MARKETS-STOXX gives back some gains, luxury weak

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STOXX GIVES BACK SOME GAINS, LUXURY WEAK

Europe's STOXX 600 is trading lower on Thursday, giving back some of the previous day's gains after China poured cold water on hopes of a quick end to its trade war with the United States.

China's Commerce Ministry said there have been no negotiations on the economy and trade and urged the U.S. to lift all unilateral tariff measures if they really want to resolve the issue.

The comments come after U.S. Trade Secretary Scott Bessent said on Wednesday that high tariffs between the two countries were not sustainable, signalling an openness to de-escalate the trade war.

Bessent's comments had helped spur a rally in global equities on Wednesday, but some of that has now reversed.

The STOXX 600 .STOXX is last down 0.6%, after rising 1.8% the day before.

Major bourses in Paris .FCHI and Frankfurt .GDAXI are down 0.8% and 0.9%, respectively, while the FTSE .FTSE is falling about 0.2%.

On the earnings front, Kering PRTP.PA shares are off 6.4% after first quarter sales fell by 14%. Other luxury names were also weak, with Burberry BRBY.L , Christian Dior DIOR.PA and Moncler MONC.MI down between 1.7%-3.1%.

On the more positive side, Adidas ADSGn.DE shares are up 2% after first-quarter profit and sales both beat expectations.

Here's your opening snapshot:

(Samuel Indyk)

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