Europe: Auto rally power stocks to near six-month peak

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[BENGALURU] European shares were on course for a fifth day of gains on Tuesday, powered by a strong rally in automakers after Peugeot suggested Fiat Chrysler was among the options for a merger, and as Bank of America Merrill Lynch talked up stocks in the sector. Read more at The Business Times.

[BENGALURU] European shares were on course for a fifth day of gains on Tuesday, powered by a strong rally in automakers after Peugeot suggested Fiat Chrysler was among the options for a merger, and as Bank of America Merrill Lynch talked up stocks in the sector.

"There is likely to be some short covering today given that sentiment across the world is positive in stocks and some traders have been viewing the poor economic indicators of the euro zone as justification for shorting the euro zone," said CMC Markets analyst David Madden.Madden said the Fed was likely to maintain its data driven policy approach.

Retail and basic resources stocks were also particularly strong, while bank stocks handed back early losses to trade up 0.15 per cent. "We still don't see a 'Hard Brexit' over the coming weeks or so. It's already been highlighted that there are quick fixes around what was presented earlier. Focus will be on Brussels and what comes out of the meeting there," said Geoffrey Yu, head of UK investment office at UBS Wealth Management.

 

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