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TEHRAN, October 29 -European shares climbed and Wall Street was set for a stronger open on Monday thanks to a surge in autos stocks and relief that Italy dodged a ratings downgrade.
TEHRAN, Young Journalists Club (YJC) -European shares climbed and Wall Street was set for a stronger open on Monday thanks to a surge in autos stocks and relief that Italy dodged a ratings downgrade.
Europe’s autos sector .SXAP jumped 4.9 percent, set for its strongest day since August 2015, after a report that China was considering halving the tax on car purchases in an attempt to boost demand for autos, which has been hurt by a trade war and slowing economic growth.
Germany's DAX .GDAXI jumped 2.1 percent by 1310 GMT, boosted by carmakers BMW (BMWG.DE), Daimler (DAIGn.DE) and Volkswagen (VOWG_p.DE), while the leading index of euro zone stocks .STOXX50E rose 1.5 percent.
Italy's FTSE MIB .FTMIB led the market with a 2.4 percent gain after Italian bond yields fell sharply to a one-week low following Standard & Poor's decision to leave Italy's sovereign rating unchanged, prompting relief there was no ratings downgrade.
This also pushed Italian bank stocks .FTIT8300 up as much as 4.5 percent, set for their strongest day since Sept. 10.
Strong gains across Europe helped boost U.S. stock futures back into the positive, with the Nasdaq futures NQc1 up 1.4 percent, S&P 500 futures ESc1 up 1.1 percent and Dow Jones futures 1YMc1 up 0.7 percent.
Source: Reuters
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