Auto stocks drive European shares higher, as PMI data, ECB eyed

Auto stocks drive European shares higher, as PMI data, ECB eyed

Reuters  | Oct 24, 2019 15:24

Auto stocks drive European shares higher, as PMI data, ECB eyed

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Oct 24 (Reuters) - European shares rose on Thursday lifted
by auto stocks after upbeat earnings from Daimler , while
investors awaited economic data and a central bank rate meeting
in the euro area to gauge the health of the bloc.
The pan-European STOXX 600 index .STOXX rose 0.3% at 0710
GMT, with auto stocks .SXAP outperforming the broader market
with gains of 1.6%.
Daimler DAIGn.DE rose 4% after reporting an 8% increase in
third-quarter operating profit. Other carmakers BMW BMWG.DE
and PSA Group PEUP.PA gained between 1% and 2%. On the other end of the spectrum, telecom maker Nokia
NOKIA.HE tumbled 20% after cutting its annual profit forecasts
for 2019 and 2020, dragging the Helsinki index .OMXHPI down
over 2%. Investors will closely watch Flash Purchasing Manager's
Index data for Germany, France, and the overall euro zone
between 0715 and 0800 GMT, and the European Central bank policy
announcement at 1145 GMT.

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