Economic news

European shares rise supported by gains for car makers

A rebound in cyclical shares and a flurry of M&A news underpinned European stocks on Thursday, offsetting a recent broad sell-off in technical shares.

Photo: Reuters

The pan-European STOXX 600 edged up 0.3% to 370.47.

Germany’s DAX 30 soared 0.7% to 12,024.98. France’s CAC 40 index gained 0.6% to 5,161.10. The UK’s FTSE 100 index rose 0.3% to 7,066.57.

The seasonally adjusted jobless number in Germany dropped by 19,000 on the month to 2.373 million, Federal Labour Office reported.

Britain's economy expanded at 0.4% pace in the quarter, according to the ONS's third estimate of growth.

The car makers led the rise: Renault jumped 4,6%, PSA - 2,5%, Volkswagen – 2,2%. The rise came on of merger talks between Renault SA and Nissan Motor Co.

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