European Autos Surge to Six-Month High on Trade Optimism
- Stoxx car sector gains, let by partsmakers Faurecia, Valeo
- Comments by Wilbur Ross spur optimism about trade progress
Automobiles sit on the forecourt of a dealership in Rome.
Photographer: Alessia Pierdomenico/BloombergThis article is for subscribers only.
European automotive stocks soared to the highest level in six months after U.S. Commerce Secretary Wilbur Ross said the White House may not need to put tariffs on imported cars later this month.
The Stoxx 600 Automobiles & Parts Index jumped as much as 3.1% Monday and was the best-performing sector in Europe after Ross told Bloomberg Television on Sunday that the U.S. has had “good conversations” with automakers in the European Union, Japan and elsewhere. Progress on a U.S.-China trade deal also emerged from a meeting between Ross and Chinese Premier Li Keqiang, further boosting investors’ sentiment on the tariff-sensitive car industry.