Auto-Stocks Drive European Shares Higher On Tariff Delay Hopes

www.oann.com | 5/13/2019 | Staff
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(Reuters) – European stocks surged late in Wednesday’s session to wipe away early losses after U.S. officials said President Donald Trump was expected to delay auto tariffs by up to six months.

A formal announcement is expected by Saturday, they said.

News - Investors - Positions - Firms - Recovery

The news spurred investors to boost positions in tariff-sensitive firms, aiding a recovery among a swathe of European stocks.

The pan-European STOXX 600 index rose 0.5%, buoyed by a 2% gain in shares of tariff-sensitive auto makers and their suppliers, with BMW tacking on 3.1%.

Benchmark - % - Day - Auto - Stocks

The broad benchmark had fallen as much as 0.7% earlier in the day, while auto stocks had plumbed a 1-1/2 month trough, down 2.1%.

Atlantic Markets’ John Woolfitt said it appeared the market was relieved that Trump “can actually act in a civilized manner and isn’t on a total rampage inciting trade wars across the globe,” giving the partnership and relationship with the EU “some much needed respite”.

Dispute - China - Impression - Road - EU

“Whilst he is entangled in the ongoing dispute with China, it gives the impression he is reluctant to travel down the same road with the EU.”

Frankfurt’s auto-heavy DAX and London’s FTSE 100 rose 0.9% and 0.8%, respectively, while their...
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