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Europe: Stocks rise as autos bounce on report of tariff talks
[MOSCOW] European shares gained ground at the open as investors prepared for the Federal Reserve minutes to gauge signals about the pace of future rate increases, while the auto sector surged on a report of tariff talks between the US and Europe.
The Stoxx Europe 600 Index was up 0.2 per cent. Glencore Plc rose 2.5 per cent after announcing it'll buy back as much as US$1 billion of its shares. A gauge for the automakers gained 2.4% after Handelsblatt reported the US Ambassador to Germany told the country's automakers he was asked by Washington to reach a solution between Berlin and Brussels on car tariffs.
Minutes from the Federal Reserve's June 12-13 gathering and US employment numbers for June may give investors clues about the strength of the economy and the outlook for rate hikes. Investors are also eyeing the end of this week as the US is scheduled to impose tariffs on US$34 billion of Chinese goods on Friday. China has pledged it won't implement tariffs before the US is scheduled to do so on Friday, accounting for the difference in time zones.