European stocks driven higher by car-makers

- European shares rose on Tuesday to distance themselves further from a 3-1/2 month low hit during the previous session, aided by auto stocks which gained on broker recommendations.

“The best performing stocks in Europe today have a short squeeze flavor, but equally a lean toward value-style bargain hunting ... auto parts also rallying,” said a trader, pointing to Hella and Continental AG, which surged 5.4% and 3.2%, respectively.Volkswagen, which RBC also rated “outperform”, added 3.3%. Sources told Reuters the firm is likely to launch the sale of transmissions maker Renk in the autumn, aiming to free up funds to invest more in electric vehicles.

Lenders in Italy have been under pressure over the last month, hurt by the country’s differences with the European Union, a possible 3 billion euro fine and concerns about its debt burden. Europe’s banks rose 2.1%. The sector’s juicy 5.9% dividend yield, as per Refinitiv Eikon data, makes it a far riskier holding compared to safe-haven German bonds, whose yields are negative up to at least the 10-year maturity.

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