European auto stocks rose on Wednesday after the announcement of a trade agreement between the United States and Japan, boosting hopes for a similar deal with the European Union.
The Stoxx Europe 600 Auto & Parts sub-index rose 4.1% to 543.26 points.
Volkswagen shares rose 6.35% to €95.70 ($112.30), Mercedes-Benz shares rose 5.75% to €53.93, and BMW shares rose 5.1% to €87.50.
Stellantis shares also rose 6.8% to €8.43, Porsche shares rose 7.15% to €44.23, and Renault shares rose 2.8% to €33.98.
These gains came as a result of a trade agreement between Washington and Tokyo, while US President Donald Trump spoke during a dinner yesterday about an upcoming visit by European Union officials to Washington for trade talks, according to CNBC.
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