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Europe Car Sales Rise 1.1% in Surprise First Gain of the Year By Bloomberg

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© Reuters. Europe Car Sales Rise 1.1% in Surprise First Gain of the Year

(Bloomberg) — Automakers eked out a surprise sales increase last month in Europe, the first advance this year for a region still struggling with a patchy recovery reliant on government subsidies.

New-car registrations rose 1.1% in September, the European Automobile Manufacturers Association said Friday. Sales gained in Italy and Germany — two of the major countries offering incentives to support electric-vehicle purchases — and offset still-slumping demand in Spain and France.

Keeping the momentum going in the last few months of the year will be a challenge. Leaders in the U.K., Germany, Italy and France are struggling to cope with record new Covid-19 cases. Targeted strategies to slow the spread of the disease are being used for now before resorting to the kind of broad national lockdowns that decimated car sales earlier this year.

“We’d argue consumers don’t share automakers’ revival hopes,” Michael Dean, a Bloomberg Intelligence analyst, said in a note ahead of the industry’s sales report. He expects annual deliveries to decline at least 20% and sees risk that the drop will be worse because of coronavirus-related restriction measures.

Europe’s car sales are still down 29% for the year through September. After deliveries cratered in March and April, automakers pared declines the following three months, then suffered a setback in August.

Germany’s car market expanded last month for the first time this year, as subsidies for battery-powered vehicles more than quadrupled sales of plug-in hybrid and battery-electric models. But while total registrations rose 8.4% there, Spain saw a 13% drop despite also offering incentives toward EVs.

Western Europe was the worst-performing region this year through August for Volkswagen AG (OTC:), the top-selling automaker both in the region and globally. Still, with a recovery on solid footing in China, Chief Executive Officer Herbert Diess said VW’s monthly orders and deliveries were up as September came to a close. He sees the positive trend continuing into the fourth quarter.

“It needs to be seen how much of the currently strong sales momentum is pent-up demand, how much is cyclical and what’s related to ‘the reincarnation of the car,’” Arndt Ellinghorst, Sanford C. Bernstein & Co.’s European auto analyst, wrote in an Oct. 1 report. He predicted recovering deliveries, low inventories and strong pricing will drive “remarkable near-term earnings momentum” for BMW (DE:) and Daimler (DE:), with VW also benefiting.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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European stock futures slump 2% on report France mulling national lockdown By Reuters

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© Reuters. The German share price index DAX graph at the stock exchange in Frankfurt

(Reuters) – European stock futures dropped to a fresh five-month low on Wednesday after a report France was mulling a month-long national lockdown to combat a surge in coronavirus infections.

Euro Stoxx 50 futures () were off 2% at 0728 GMT, while German DAX futures () shed 1.9% and UK’s futures () dropped 1.4%. Wall Street futures were down about 1%.

French President Emmanuel Macron will give a televised address later in the evening, his office said.

Europe’s third-largest economy reported 523 new deaths from coronavirus over the past 24 hours, the highest daily toll since April 22, while United Kingdom recorded 367 deaths on Tuesday, the highest daily toll since May 27.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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European Stocks Seen Lower; Virus Prompts Lockdown Fears By Investing.com

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© Reuters.

By Peter Nurse

Investing.com – European stock markets are seen opening lower Wednesday on worries about the damage to the region’s economies caused by a second wave of shutdowns to combat the surge in Covid-19 cases.

At 2:00 AM ET (0700 GMT), the contract in Germany traded 0.3% lower, in France dropped 1.4% and the contract in the UK fell 0.8%. 

Europe continues to be hit hard with the second wave of the virus, with many of the region’s countries reporting soaring infection rates, not helped by the onset of cold, damp winter weather.

Restrictions imposed to try and combat the pandemic have had a limited effect to date, prompting fears of more draconian measures.

French President Emmanuel Macron is set to give a televised address on Wednesday evening, with local media reporting that the government is considering imposing a lockdown from midnight on Thursday.

Similarly, the Belgian government will convene on Friday to decide on a potential new national lockdown, while Spain has already announced a state of emergency for six months.

In corporate news, Deutsche Bank (DE:) will be in focus after the troubled bank returned to quarterly profit, helped by a strong performance from its investment banking arm.

Additionally, Reuters reported that U.S. jeweler Tiffany (NYSE:) and French luxury goods giant LVMH (PA:) are in talks to settle their dispute over a $16 billion takeover at a price slightly lower than that initially agreed.

Oil prices slumped Wednesday, as a jump in stocks, coupled with the potential damage to demand from the incessant increase in Covid-19 cases, raised worries about a supply glut.

Data from the late Tuesday showed a build of 4.577 million barrels for the week ending Oct. 23, more than the 1.2 million barrels expected, while gasoline inventories also rose. Government are expected later Wednesday.

Oil had rallied on Tuesday, with the contract climbing nearly 2% and the WTI version 2.6%, after a significant portion of U.S. Gulf output was shuttered ahead of the arrival of Hurricane Zeta, which is expected to make landfall in Louisiana later Wednesday.

U.S. crude futures traded 2.6% lower at $38.55 a barrel, while the international benchmark Brent contract fell 1.6% to $40.95. 

Elsewhere, fell 0.2% to $1,908.05/oz, while traded 0.2% lower at 1.1775.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Italy’s antitrust probes Google for possible abuse of dominant position By Reuters

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© Reuters. FILE PHOTO: Logo of Google is seen in Davos

ROME (Reuters) – Italy’s antitrust said on Wednesday it was probing Google (O:) for a possible abuse of dominant position in the Italian market of display advertising.

The regulator said that thanks to its position in the online advertising market, the company “uses in a discriminatory way enormous amounts of data, collected through its own applications, impeding other competitor operators to compete in an effective way”.

The authority added that it had carried out, with Italy’s Finance police, inspections in some Google offices on Tuesday.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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