Little change to European shares as auto stocks lose out

European shares are little changed Thursday amid subdued investor sentiment as the second round of US tariffs on Chinese imports go ahead

Little change to European shares as auto stocks lose out

European shares are little changed around midday Thursday, as investors appear cautions with the introduction of the second round of US trade tariffs on China. Auto shares are broadly lower on fears of potential future car import tariffs.

By 1200 BST, the EUROSTOXX 600 was 0.08% higher, while the EUROSTOXX 50 was just 0.04% in the green. Meanwhile, regional bourses are a little mixed. The German DAX was 0.12% lower, the French CAC was up 0.13% and the Spanish IBEX was little changed, down 0.06%.

Trade tariff fears

Investor sentiment is subdued Thursday, as the second round of US tariffs in China imports kicks in, raising fears that proposed car tariffs could go ahead. As such, European car stocks are losing ground.

  • Daimler shares fell 1.14% lower at €54.67.
  • Fiat shares were 0.39% in the red at €14.13.
  • Peugeot shares lost 1.32% to trade at €23.95.
  • Volkswagen shares were 0.76% lower at €137.76.

Volkswagen shares remain in negative territory, despite news that it plans to invest €3.5 billion in improving its own digital infrastructure. The German car maker has also agreed an electric car sharing deal for Berlin, to begin in the second quarter of 2019.

Other stock movers

There were other stock movers of note Thursday, that helped negate the downward impact of car manufacturer stocks.

Ryanair shares are higher after announcing earlier Thursday it had reached an agreement with Forsa, the union who represents its Irish-based pilots. Details on the agreement, which has been signed by both parties, has yet to be shared as Forsa puts the new plan to a vote among its members.

Ryanair shares surged 7.14% to €14 following the news.

Elsewhere, Maersk shares were lower amid news the shipping giant is trailing a new arctic shipping route with it’s ‘ice-class’ Venta Maersk container ship. The journey is said to be a data acquiring one, rather than creating a new, regular alternative for the business.

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