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European shares gain on Mexico tariff relief

Published 06/10/2019, 03:27 PM
Updated 06/10/2019, 03:30 PM
European shares gain on Mexico tariff relief
UK100
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STLAM
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RENA
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TCGI
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STOXX
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7201
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SXAP
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
June 10 (Reuters) - European shares rose on Monday as strong
export data out of China and the reaching of a deal between the
United States and Mexico provided some relief to markets worried
by the impact of President Donald Trump's aggressive trade
bargaining.
Helping the European auto sector were signs that Fiat
Chrysler Automobiles NV FCHA.MI and Renault SA RENA.PA were
looking for ways to resuscitate their collapsed merger plan and
secure the approval of Nissan Motor Co 7201.T . The pan-regional STOXX 600 index .STOXX rose 0.3% by 0713
GMT, with Britain's FTSE 100 .FTSE up 0.43%. However trading
volumes were thin with markets in Germany, Switzerland, Austria
and most Nordic countries closed for Whit Monday.
Shares of tariff-sensitive auto makers and their suppliers
.SXAP rose 0.596% on the news of Trump's retreat on last
month's shock threat of a 5% import tariff on all Mexican goods
in exchange for moves on immigration. Fiat Chrysler jumped 3%, while Renault's shares were up 1%.
Among other stocks, Thomas Cook's shares TCG.L rose 20.21%
after a report that Hong Kong's Fosun Tourism was in talks to
buy its tour operating business as the British group faces
breakup after issuing three profit warnings in the past year.

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