mikeon88
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Shares of European car makers climbed Wednesday on the prospect of a softening stance on auto-industry tariffs by the U.S. if the European Union makes a concession. A U.S. official said the U.S. would be prepared to stop threatening to impose stiff tariffs on cars imported from the EU if the bloc eliminates duties on U.S. cars, according to a report by German newspaper Handelsblatt, citing unnamed sources. Prospects for a so-called "zero solution" lifted the Stoxx Europe 600 Autos and Parts Index SXAP, +4.06%up by 3.1%. In Frankfurt trade, shares of BMW AG BMW, +4.27% leapt 4.2%, Volkswagen AG VOW3, +3.49%gained 2.8% and Daimler AG DAI, +3.20% added 3.3%. In Paris, Peugeot SA UG, +3.39% rose 2.6% and Renault AG RNO, +3.16%picked up 1.8%. In Milan, Fiat Chrysler Automobiles NV shares FCA, +5.34% revved up 4.1%.
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