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.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Alipay has tripled its merchants in Europe amid 'booming' Chinese tourism marketAlipay is making big inroads in Europe as Chinese tourists flock to the region, according to the leader of the Chinese firm's European division.
Source: CNBC - 🏆 12. / 72 Read more »

Tech selloff spreads to European stocks, carmakers upEuropean shares fell on Tuesday as U.S. antitrust action against Google and othe...
Source: Reuters - 🏆 2. / 97 Read more »

Stocks in Asia set to trade higher; Fed signals potential rate cutStocks in Asia were set to trade higher on Tuesday amid ongoing global trade tensions. The Reserve Bank of Australia is also set to announce its interest rate decision later today. Market manipulation. Shocked it’s not Trump or his admin, but Bullard is now just Trump’s mouthpiece. realDonaldTrump forced the Fed’s hand. Ppl who actually have savings get punished as rates tumble again. And EustanceHuang this title is very misleading and laughable. The Fed didn’t signal anything, Bullard just jawboned these markets higher with his personal opinion.
Source: CNBC - 🏆 12. / 72 Read more »