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Stock photo illustrative of the BMW logo
Por Sruthi Shankar y Ambar Warrick
Jan 5 (Archyde.com) – Auto stocks helped push European stocks to new highs on Wednesday, even as a New Year’s rally appeared to be lagging behind on concerns about COVID-19 and slowing growth.
* The pan-European STOXX 600 Index rose 0.1% to 494.35 points, its third consecutive closing record.
* However, a recent rally appeared to be losing traction, amid concerns about the omicron variant of the coronavirus, rising interest rates and mixed economic data.
* The auto sub-index was the best performer, rising 2.7% to an all-time high as investors expect production to rebound from semiconductor shortages, and vehicle sales are likely to improve as well.
* German firm BMW rose 2.2% after achieving record sales of its BMW brand in 2021.
* However, JPMorgan took a cautious stance for the sector in 2022, citing consumer uncertainty about electric vehicles in Europe.
* Other sectors also gained, such as banks that rose 0.2% on expectations of higher interest rates.
* Tech stocks fell 0.5% as the prospect of higher rates made the sector appear less attractive.
(Report by Sruthi Shankar in Bengaluru; Edited in Spanish by Juana Casas)