LONDON — Europe’s automobile and parts sector SXAP rose on Friday after China unveiled steps to boost car sales, as it tries to shore up a sluggish economy, while Volvo Cars results also supported the sector.
The STOXX 600 car and parts index rose 0.36 percent and was set for a modest weekly gain of 0.2 percent.
Chinese authorities announced measures aimed at boosting sales of automobiles and electronics, but those steps fell short of impressing investors, who have been clamouring for stronger stimulus.
Sweden-based automaker Volvo Cars, majority-owned by China’s Geely Holding, gained the most after the automaker forecast healthy demand for its vehicles despite pricing pressures. Its shares rose 6.8 percent. Renault rose 1.6 percent.
This article was originally published by Autonews.com. Read the original article here.
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