Auto makers help European shares rise for 7th straight day

miércoles 2 de abril de 2014 04:17 GYT
 

* FTSEurofirst 300 up 0.1 pct, Euro STOXX 50 up 0.2 pct

* Auto makers help indexes stretch rise into 7th session

* Deutsche Post tops gainers on strong outlook

* ADP data disappointment may cause volatility - Soc Gen

By Francesco Canepa

LONDON, April 2 (Reuters) - European shares looked set to stretch their winning streak into a seventh straight day on Wednesday as positive U.S. car sales data boosted auto makers and helped underpin an improving macroeconomic picture from the United States.

The STOXX Europe 600 Auto & Parts index rose 0.8 percent to outperform all other sectors after data showed automakers reported a 5.7 percent annual rise in U.S. sales in March, which can help them make up for still muted demand in Europe.

Sports-car maker Porsche, which saw its U.S. sales rise 9.2 percent in March, added 2 percent. BMW, which derives 17 percent of its revenue from the United States, its largest market, rose 1.4 percent after reporting a 7.9 percent U.S. sales increase.

"With better U.S. sales you can compensate for weaker sales in Europe," said Michael Punzet, auto analyst at DZ Bank. "Clearly the premium manufacturers like BMW, Mercedes, Audi and Porsche are best positioned to benefit from the U.S."   Continuación...