European auto shares rise after US-Japan trade deal
Shares in Japanese and South Korean automakers surged overnight on news the deal would cut the U.S. tariff on Japanese vehicle imports to 15 per cent, from a proposed 25 per cent.
Citi analysts said it was notable the tariffs for a major auto exporting country were reduced without a cap on shipments, which could have implications for negotiations with the European Union and South Korea.
Porsche, BMW, Mercedes Benz, Volkswagen rose between 1.9 per cent and 3.7 per cent in early Frankfurt trade. Shares in Stellantis and Renault rose 1.3-1.9 per cent on the Tradegate platform.
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