Europe’s auto stocks hit record high as traders bet on strong 2022 – Reuters

January 5, 2022 by No Comments

BMW i Vision Circular concept car is seen during BMW event ahead of the Munich Motor Show IAA Mobility 2021 in Munich, Germany, September 6, 2021. REUTERS/Michaela Rehle

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  • European auto and auto parts index hits record high
  • Sector has gained 33% in one year
  • BofA expects light vehicles sales to increase by 10%
  • Europe auto sector trades at 7x forward earnings, U.S. 42x

LONDON, Jan 5 (Reuters) – European automobile stocks rose more than 2% to a record high on Wednesday as investors turned increasingly bullish on the sector on growing expectations for stronger car sales in 2022.

Investors’ interest in car stocks across the region has ignited over the past few months with Europe’s auto and auto parts index (.SXAP) up more than 8% this week alone, surpassing a previous record high in November.

The sector has gained 33% in a year, outperforming the pan-European index (.STOXX), which has gained 23% over the same period.

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Auto sector versus STOXX

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