LONDON, Sept 30 (Reuters) - European shares rose on Wednesday after a two-day losing streak, with automakers boosted by a Chinese tax cut on small cars while miner Glencore rallied after saying it had no solvency issues.
However, European equities were still on track for their worst quarterly performance since the worst of the euro-zone crisis in 2011.
The pan-European FTSEurofirst 300 index <.FTEU3 was up 1.6 percent at 0720 GMT while euro zone’s blue-chip Euro STOXX 50 index advanced 1.9 percent.
Mining and trading giant Glencore, whose shares have slumped on the back of sliding commodity prices, rose 9.5 percent after it sought to reassure investors over its debt situation.
European car stocks such as Peugeot and Volkswagen also climbed higher after China halved sales tax on small cars to revive growth in the world’s biggest automobile market, a move likely to provide a limited boost to carmakers including Volkswagen AG, which has been embroiled in a global diesel emissions scandal.
British supermarket group Sainsbury also surged 12 percent after the company said it was on course to beat annual profit forecasts. (Reporting by Sudip Kar-Gupta)