Renault, auto stocks rally on Nissan outlook
PARIS, Nov 4 (Reuters) - Shares in European carmakers featured among the biggest gainers on Wednesday, bouncing back from a 14-percent selloff over the past two weeks, after Nissan Motor Co (7201.T: Quote, Profile, Research) revised its annual forecast.
The sector also got a boost after data on Tuesday showed a rebound in U.S. auto sales in October and General Motors' [GM.UL] decision to keep its European arm Opel, which it partly attributed to improving business conditions.
"Both Nissan's outlook and last night's U.S. figures are indications that things are getting better for automakers," a Paris-based trader said.
Renault (RENA.PA: Quote, Profile, Research), which has a significant stake in Nissan, was up 4.8 percent, while Daimler (DAIGn.DE: Quote, Profile, Research) gained 3.8 percent, Peugeot (PEUP.PA: Quote, Profile, Research) rose 3 percent and Fiat (FIA.MI: Quote, Profile, Research) added 2 percent.
The DJ STOXX European auto index was up 2.7 percent.
Nissan revised its annual loss forecast to a profit as soaring sales in China helped drive quarterly earnings beyond the market's expectations.
For more on Nissan, click on [nT127974]
For more on GM's decision on Opel, click on [nL4519517] Continued...
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