European shares make timid gains while autos stocks stall

  • Reuters
  • Stock Market News
European shares make timid gains while autos stocks stall
Credit: © Reuters.

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LONDON, May 24 (Reuters) - A bounce across miners and oil stocks helped European stocks nudge higher in early trading on Thursday, though carmakers' shares came under pressure after the U.S. launched a probe into auto imports.

The pan-European STOXX 600 .STOXX index was up 0.1 percent by 0719 GMT, after falling more than 1 percent from a 3 1/2-month peak in the previous session as worries over spending plans from Italy's new coalition and global trade weighed on risky assets.

Concerns over a U.S.-China trade deal continued after U.S. President Donald Trump said that any deal would need "a different structure". carmakers BMW BMWG.DE , Daimler DAIGn.DE and Volkswagen VOWG_p.DE dropped 1.7 to 2.3 percent after the U.S. launched a national security investigation into car and truck imports that could lead to new U.S. tariffs. benchmark DAX index .GDAXI declined 0.1 percent and Europe's autos sector .SXAP was the worst-performing, losing 1.1 percent.

However, a bounceback among miners .SXPP and big oil stocks .SXEP helped European indexes secure gains, with the FTSE 100 .FTSE trading flat. Italy's FTSE MIB .FTMIB was up 0.7 percent after Italy's president invited political novice Giuseppe Conte to be prime minister. ARYN.S was a standout faller among individual stocks. Shares in the Swiss food company slumped 26 percent after the firm cut its full year earnings outlook once more. shares in Deutsche Bank DBKGn.DE inched 0.3 percent higher after the bank said it would cut thousands of staff in a revamp of its investment bank.

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