European Auto Shares Rise After Trump Says China to Cut Tariffs on U.S.-Made Cars
2018年12月3日 - 6:23PM
Dow Jones News
By Max Bernhard
Shares in European car makers and suppliers traded higher on
Monday, fueled by President Trump's comment on Twitter that China
has agreed to cut tariffs on American-made cars.
German car makers Daimler AG (DAI.XE) and BMW AG (BMW.XE), two
of the biggest exporters of U.S.-made cars to China, traded 6% and
6.1% higher respectively at 0830 GMT. Competitor Volkswagen AG
(VOW.XE) was up 4.8%.
Italian-American manufacturer Fiat Chrysler Automobiles NV
(FCA.MI) was up 4.1%, while France's Renault SA (RNO.FR) and
Peugeot SA (UG.FR) were up 2.1% and 3%, respectively.
Suppliers' shares also received a boost, with Schaeffler AG
(SHA.XE) and Continental AG (CON.XE) trading 6.7% and 3.3% higher,
while Valeo SA (FR.FR) was up 6.8%.
The news eased some of the worries that have been weighing on
auto shares recently. Car makers' shares have been battered by
trade tensions over the past months, as the industry struggles with
high upfront investments into electric vehicles and self-driving
cars, as well as the costs from adjusting to new, stricter
emissions-testing rules in Europe.
Mr. Trump's tweet followed G-20 summit in Buenos Aires, where
the U.S. postponed its threat to increase tariffs on $200 billion
in Chinese goods to 25% from 10%.
"China has agreed to reduce and remove tariffs on cars coming
into China from the U.S. Currently the tariff is 40%," Mr. Trump
said in the tweet.
Chinese officials have neither confirmed nor denied the tariff
plan as reported by Mr. Trump.
Write to Max Bernhard at max.bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
December 03, 2018 04:08 ET (09:08 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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