Stock markets reverse losses, witness limited impact

US and European equity markets gained modestly on Monday as analysts saw limited economic impact worldwide by the attacks in Paris on Friday, though the sale of luxury goods and tourism in the French capital may suffer.

Asian shares hit six-week lows overnight as investors bought assets traditionally considered safe havens, including gold, the yen and low-risk government debt. But European shares reversed early losses and the yen later fell as stocks on Wall Street opened higher. French shares slightly underperformed - France's CAC index was down 0.07 per cent - weighed by declines in tourism-related stocks. French hotel group Accor dropped 4.7 per cent and Air France shed 5.7 per cent. Luxury stocks also slid, though less so. Hermes fell 1.4 percent, LVMH fell 1.6 per cent and Kering slid 0.8 per cent. Spending by foreign tourists in Paris makes up a large chunk of these companies' sales. The STOXX 60 Travel & Leisure index of mostly London-listed shares fell 1.4 per cent amid fears the sector could be impacted by loss of consumer confidence.