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European stocks edge higher, though trade tariffs hit autos

European stocks inched up on Thursday after the fresh U.S.-China tariffs kicked in, hitting trade-sensitive auto sector but supporting demand for sectors seen as more independent from a deepened trade row.

Photo: Reuters

The pan-European STOXX 600 gained 0.2 percent to 384.72.

Frankfurt's DAX was stable at 12,385.41, while the CAC 40 Index in Paris ticked up 0.1 percent to 5,424.09. The UK’s FTSE 100 added less than 0.1 percent to 7,578.91. Auto stocks led the decline for a second session.

On Wednesday an unexpected profit warning from tire maker Continental hurt the sector, already one of the most affected by tariff concerns.

Carmakers Daimler, BMW and Volkswagen slid 0.6 to 0.8 percent, while Valeo, Renault, Michelin and Peugeot led the losses among CAC 40 companies.

Shares of budget airline Ryanair leaped 4.7 percent after the Irish pilots’ union Forsa achieved improved labor conditions.

Shares in Switzerland-based telecoms group Sunrise Communications surged 5 percent after it upgraded its outlook for full-year 2018 EBITDA.

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