25 de septiembre de 2015 / 15:21 / hace 2 años

European shares rebound as concern over growth eases; Volkswagen falls

* FTSEurofirst 300 up 2.8 pct, Euro STOXX 50 rup 3 pct

* Auto shares rise 2 pct at end of worst week in four years

* Volkswagen falls as much as 6.4 pct in rocky session

* Zodiac Aerospace slumps on possible contract loss

By Danilo Masoni and Sudip Kar-Gupta

MILAN/LONDON Sept 25 (Reuters) - European shares were higher on Friday, rebounding after testing 2015 lows in the previous session, as concern over the global economy eased and a sell-off of car stocks began to slow.

Yet Volkswagen, the carmaker at the centre of a scandal that wiped out more than 30 billion euros of the sector’s market value, continued to suffer as details emerged about how Europe’s largest car company rigged emissions tests.

The pan-European FTSEurofirst 300 index, which ended down 2.1 percent on Thursday, was up 2.78 percent. The blue-chip Euro STOXX 50 index climbed 3.07 percent. The FTSEurofirst was still down more than 1 percent so far this week.

European shares have been hit this week by concern over the broader risks of the emissions rigging, but the mood turned after Janet Yellen said overnight the Federal Reserve was on track to lift rates this year.

Some investors said they were positive on the longer-term outlook for European shares given signs of economic improvement and stimulus measures from the European Central Bank.

“We are positioned for improvements in domestic consumption in Europe, particularly in countries such as Spain and Italy, which already show considerable signs of improvement, and also in France where valuations are low and there are early signs of a belated recognition of the need for reform,” said Ali Miremadi, fund manager at Taube Hodson Stonex Partners.

The auto sector rose 2.15 percent, but Volkswagen fell as much as 6.37 percent. In spite of the rebound, the index was set to close its worst week in four years.

Volkswagen shares rose in morning trade, amid signs Volkswagen would name Matthias Mueller, head of its Porsche sports car brand, as CEO. That was taken as evidence of its determination to tackle the crisis.

Rival carmaker BMW rose 3.79 percent. The German car magazine Auto Bild clarified an earlier report to say it had no evidence the company manipulated. Daimler rose 3.09 percent after denying allegations by a lobby group it had rigged emissions data for its vehicles.

Zodiac Aerospace slid 8.5. The French aerospace supplier confirmed it faced court action and the possible loss of some business from American Airlines over delays in aircraft seat production.

Personal and household goods stocks were up 3.5 percent to be the top sectoral gainer on Friday. Adidas was among the leaders after its U.S. rival Nike reported results that were better than expected.

Today’s European research round-up

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