Europe: Shares rise; DAX down as Volkswagen slumps

[LONDON] European shares rose on Wednesday, although Germany's blue-chip index sharply underperformed after a scandal at carmaker Volkswagen widened.

Volkswagen fell 10 per cent after it said it had understated the fuel consumption of 800,000 cars sold in Europe. Majority stakeholder Porsche was down 9.5 per cent after it warned that VW's latest findings could weigh further on its results.

Germany's DAX index was down 0.2 per cent, while the FTSEurofirst 300 rose 0.4 per cent to 1,500.57.

Top riser was commodities firm Glencore, up 5.6 per cent after saying trading was strong. It said it was on track to reduce its debt and boost liquidity thanks to asset sales, and plans to deepen copper output cuts to help lift prices.

REUTERS