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Bull Trader USA

Europe Markets: European automakers join the global rally

It’s not just U.S. automakers such as Tesla and Ford that are rallying at the beginning of the new year.

Renault RNO, +4.52% shares rallied 4% as Daimler DAI, +3.12% and Stellantis STLA, +3.15% each added 3% on Wednesday.

JPMorgan reiterated overweights on all three, noting the restructuring at Stellantis and Renault and the launch of mid to premium models at Daimler. Stellantis and Amazon AMZN, -1.69% also agreed a deal where Amazon will provide it cloud solutions and buy electric Ram vans.

Tire maker Pirelli PIRC, +3.34% jumped 4% as JPMorgan upgraded it to overweight on strong business momentum, and car parts maker ElringKlinger ZIL2, +20.10% rallied 19% as the broker said it has strongly positioned itself in battery electric drive and fuel cell technology.

The Stoxx Europe 600 automobiles and parts index SXAP, +2.32% has already jumped 8% to start the new year — the strongest of any sector — with investors excited about electric vehicle potential.

The broader Stoxx Europe 600 SXXP, +0.08% limped 0.1% higher. The German DAX DAX, +0.73% and French CAC 40 PX1, +0.74% each rose 0.7% while the FTSE 100 UKX, +0.17% added 0.2%.

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