Luxury stocks hammered as Chinese trade fears hit Europe

(Reuters) - European shares fell on Friday as a deterioration in U.S.-China ties compounded fears of a slower recovery from the economic damage wreaked by the COVID-19 pandemic.Beijing on Thursday planned to impose a new security law in Hong Kong, drawing a warning from U.S. President Donald Trump that Washington would react "very strongly".The pan-European STOXX 600 was down 1.6% by 0716 GMT, with Asia-exposed stocks such as HSBC Holdings Plc tumbling 5.5% and Prudential Plc falling..