Latest news with #Porsche
Reuters
an hour ago
- Automotive
- Reuters
European shares rise on US-Japan trade deal, EU talks in focus
July 23 (Reuters) - European shares rose on Wednesday, led by automobiles, after U.S. President Donald Trump revived hopes for a trade deal with the EU following an agreement with Japan. The pan-European STOXX 600 index (.STOXX), opens new tab gained nearly 1% to 549.6 points, as of 0715 GMT, following three straight days of declines. Britain's blue-chip FTSE 100 (.FTSE), opens new tab rose for a fifth session to a record high. Other regional indexes also traded higher with France's CAC 40 (.FCHI), opens new tab leading the pack with a 1.3% jump. European automobile stocks (.SXAP), opens new tab led the broad-based rally with a 3.4% rise, tracking strength in Asian rivals. Porsche (P911_p.DE), opens new tab and Mercedes-Benz ( opens new tab gained 7.6% and 5.8%, respectively. Trump struck a trade deal with Japan that lowers tariffs on auto imports and spares Tokyo from punishing new levies on other goods in exchange for a $550 billion package of U.S.-bound investment and loans. The Japan deal included reduced 15% tariffs for auto exports to the U.S., down from 25% before. Meanwhile, the prospects of an EU-U.S. trade agreement improved after Trump said on Tuesday that EU representatives would come for trade negotiations on Wednesday. Among individual stocks, Lonza (LONN.S), opens new tab shares were among the top gainers, rising 5.4% after the Swiss company topped core profit forecast driven by its drug manufacturing business. ASM International ( opens new tab pressured technology stocks after the computer chip equipment maker reported second-quarter bookings below market expectations on Tuesday. Its shares fell 7.7%, the most among STOXX 600. SAP ( opens new tab fell 3.5% after the German software maker reported a positive second-quarter profit on cost cuts and increased demand but held off on increasing its full-year outlook.
Reuters
an hour ago
- Automotive
- Reuters
European auto shares rally after US-Japan trade deal
July 23 (Reuters) - Shares in major European carmakers rose on Wednesday, tracking a steep rally in some of their Asian rivals, after Tokyo struck a trade deal with the United States, fuelling optimism for a similar agreement with Europe. Shares in Japanese and South Korean automakers surged overnight on news the deal would cut the U.S. tariff on Japanese vehicle imports to 15%, from a proposed 25%. Volvo Car ( opens new tab jumped around 7% to its highest since mid-May. Germany's Porsche (P911_p.DE), opens new tab, BMW ( opens new tab, Mercedes Benz ( opens new tab, Volkswagen ( opens new tab all rose between 3.8% and 6.8%. Shares in Stellantis and Renault ( opens new tab were up around 3%. The European auto stocks index (.SXAP), opens new tab rose 3.4% by 0706 GMT, the most among other sectoral indices, compared with a 0.9% rise in the regional STOXX 600 index (.STOXX), opens new tab. The European Commission is seeking to reach a trade deal outline with the United States ahead of the August 1 deadline set by U.S. President Donald Trump for broad tariff increases. As part of these efforts, Brussels is discussing with U.S. counterparts a range of measures aimed at protecting the European Union auto industry, including tariff cuts, import quotas and credits against the value of EU automakers' U.S. exports, industry sources and trade officials say. Citi analysts said it was notable the tariffs for a major auto exporting country were reduced without a cap on shipments, which could have implications for negotiations with the EU and South Korea. Europe shipped nearly 758,000 cars worth 38.9 billion euros ($45.57 billion) to the U.S. in 2024, more than four times as many as in the other direction, according to data from European auto association ACEA. However, a group representing U.S. automakers that includes Chrysler-parent Stellantis ( opens new tab signalled their unhappiness with the deal, raising concerns about a trade regime that cuts tariffs on auto imports from Japan, while leaving tariffs on imports from their plants and suppliers in Canada and Mexico at 25%.
CNA
an hour ago
- Automotive
- CNA
European auto shares rally after US-Japan trade deal
Shares in major European carmakers rose on Wednesday, tracking a steep rally in some of their Asian rivals, after Tokyo struck a trade deal with the United States, fuelling optimism for a similar agreement with Europe. Shares in Japanese and South Korean automakers surged overnight on news the deal would cut the U.S. tariff on Japanese vehicle imports to 15 per cent, from a proposed 25 per cent. Volvo Car jumped around 7 per cent to its highest since mid-May. Germany's Porsche , BMW, Mercedes Benz, Volkswagen all rose between 3.8 per cent and 6.8 per cent. Shares in Stellantis and Renault were up around 3 per cent. The European auto stocks index rose 3.4 per cent by 0706 GMT, the most among other sectoral indices, compared with a 0.9 per cent rise in the regional STOXX 600 index. The European Commission is seeking to reach a trade deal outline with the United States ahead of the August 1 deadline set by U.S. President Donald Trump for broad tariff increases. As part of these efforts, Brussels is discussing with U.S. counterparts a range of measures aimed at protecting the European Union auto industry, including tariff cuts, import quotas and credits against the value of EU automakers' U.S. exports, industry sources and trade officials say. Citi analysts said it was notable the tariffs for a major auto exporting country were reduced without a cap on shipments, which could have implications for negotiations with the EU and South Korea. Europe shipped nearly 758,000 cars worth 38.9 billion euros ($45.57 billion) to the U.S. in 2024, more than four times as many as in the other direction, according to data from European auto association ACEA. However, a group representing U.S. automakers that includes Chrysler-parent Stellantis signalled their unhappiness with the deal, raising concerns about a trade regime that cuts tariffs on auto imports from Japan, while leaving tariffs on imports from their plants and suppliers in Canada and Mexico at 25 per cent.
Yahoo
2 hours ago
- Automotive
- Yahoo
European auto shares rise after US-Japan trade deal
(Reuters) -Shares in several European carmakers rose in early trade on Wednesday, tracking a steep rally in some of their Asian rivals, after Tokyo struck a trade deal with the United States, fuelling optimism for a similar agreement with Europe. Shares in Japanese and South Korean automakers surged overnight on news the deal would cut the U.S. tariff on Japanese vehicle imports to 15%, from a proposed 25%. Citi analysts said it was notable the tariffs for a major auto exporting country were reduced without a cap on shipments, which could have implications for negotiations with the European Union and South Korea. Porsche, BMW, Mercedes Benz, Volkswagen rose between 1.9% and 3.7% in early Frankfurt trade. Shares in Stellantis and Renault rose 1.3-1.9% on the Tradegate platform. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNA
2 hours ago
- Automotive
- CNA
European auto shares rise after US-Japan trade deal
Shares in several European carmakers rose in early trade on Wednesday, tracking a steep rally in some of their Asian rivals, after Tokyo struck a trade deal with the United States, fuelling optimism for a similar agreement with Europe. Shares in Japanese and South Korean automakers surged overnight on news the deal would cut the U.S. tariff on Japanese vehicle imports to 15 per cent, from a proposed 25 per cent. Citi analysts said it was notable the tariffs for a major auto exporting country were reduced without a cap on shipments, which could have implications for negotiations with the European Union and South Korea. Porsche, BMW, Mercedes Benz, Volkswagen rose between 1.9 per cent and 3.7 per cent in early Frankfurt trade. Shares in Stellantis and Renault rose 1.3-1.9 per cent on the Tradegate platform.
