European luxury shares have slid on investor concerns that Hermes handbags and Dior slingbacks may be Beijing's next targets for retaliation, following the EU's decision to slap tariffs on China EVs,

China plans to impose provisional antidumping tariffs on European brandy, ranging from 30.6% to 39%, and reversing from an earlier stance.

Beijing’s action came days after European nations moved toward tariffs on electric vehicles from China, and it included a threat to also hit pork and car imports.

China is back to work after the fall "Golden Week" holiday, and the sheen is coming off a recent market rally. A briefing from the country's top economic planner, the National Development and Reform Commission,

Asia-Pacific markets trade mixed on Wednesday, with China stocks plunging more than 5% as the rally driven by Beijing’s stimulus measures started to fade. Investors also awaited minutes of the Federal Reserve’s last meeting to gain fresh insights on the monetary policy path.

China's stock markets roared back from a week-long break to reach their highest levels in more than two years at the open, before paring gains after officials failed to inspire confidence in stimulus plans intended to revive the economy.