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%, from a proposed 25%.
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 (P911_p.DE), opens new tab, BMW (BMWG.DE), opens new tab, Mercedes Benz (MBGn.DE), opens new tab, Volkswagen (VOWG.DE), opens new tab rose between 1.9% and 3.7% in early Frankfurt trade. Shares in Stellantis and Renault (RENA.PA), opens new tab rose 1.3-1.9% on the Tradegate platform.
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