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European stocks rally on renewed optimism, Auto stocks rocket

FXStreet (Mumbai) - European stocks jumped at open and extended the rally, as the overall market sentiment was lifted by the strong rebound in Asian equities. Moreover, the bounce in the auto sector stocks also supported the gains in the regional indices.

Meanwhile, European traders now await the upcoming UK GDP report, Euro zone CPI and employment report for further incentives.

FTSE awaits the UK GDP

The German car-makers led the rally in the DAX, with the scandal-hit Volkswagen gaining +2.2%, while BMW and Daimler both rallied over 2%. Moreover, a weaker euro versus the greenback following tepid German macro releases, also lends support to the exporters’ stocks.

The German retail sales and jobless data, both missed estimates and added to the recent poor economic news (CPI) from Germany.

Germany’s DAX jumps nearly 2% to 9,633 points while the UK’s FTSE gains 1.77% at 6,015. Among the other indices, the French CAC 40 index gains 1.98% to 4,429, while the pan-European Euro Stoxx 50 index trades higher by 1.95% at 3,088.

EUR/GBP little changed after German data

The EUR/GBP pair turned a blind eye towards a slightly dismal German unemployment figure to trade around 0.7410 levels.
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