FRANKFURT, Jan 6 ― Automobile stocks helped drive European shares to new highs yesterday, even as a new year rally appeared to be running out of gas due to concerns over Covid-19 and slowing growth.
The European automobile subindex was the best performer, jumping 2.7 per cent to a record high as investors expected production to roar back from a semiconductor shortage, with car sales also likely to improve.But JPMorgan took a cautious stance for the sector in 2022, citing consumer uncertainty over electric vehicles in Europe.
Mining stocks rose 1.6 per cent, tracking stronger commodity prices as investors bet that demand would recover from a Covid-induced lull. “There are wobbles in the global equity markets on the back of higher back-end US Treasury yields and concerns about the Chinese tech sector,” Sebastien Galy, senior macro strategist at Nordea Asset Management, said.
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