European stock markets rise despite pressure from the automotive sector
European stock markets are trading mostly higher, at a time when the sell-off in technology stocks that has been seen in recent sessions appears to be slowing down.
The European benchmark Stoxx 600 index rose 0.09% to 511.05 points. Almost all sectors were trading in the green, with basic resources leading the gains (+1.27%), followed by oil & gas (+1.24%).
In terms of sectoral losses, the automotive sector leads the way, pressured by the fall of Mercedes Benz. The car manufacturer presented its quarterly results this Friday and is being penalized by investors, after reducing its annual profit forecasts – the company fell more than 2% this morning.
The results of the second quarter of the year in the automotive sector have not been very encouraging for investors. Stallantis also presented its accounts on Thursday and saw its profits fall by 48% in the first half of the year, which is being reflected in the company’s share trading. The car manufacturer fell 1.75% to 16.38 euros.
European stock markets closed the last two sessions in the red, pressured by a sell-off in technology stocks, which led the US Nasdaq Composite to fall by more than 3% this week.
Among the main European markets, the German DAX advanced 0.19%, the Italian FTSEMIB grew 0.29% and the AEX, in Amsterdam, rose 0.62%. In turn, the French CAC-40 appreciated 0.99%, while the British FTSE advanced 0.85%.
At the moment, only the Spanish stock exchange is losing out among the main European markets, with the IBEX falling 0.21%.
Source: www.jornaldenegocios.pt
