Autos lead losses in Europe after Tesla cuts prices

Volvo Car AB

22/04/2024 10:33

** Shares in European carmakers slip on Monday, with traders
linking the move to Tesla  TSLA.O  cutting prices in a number of
its major markets, including China and Germany
    ** The STOXX 600 autos index  .SXAP  is down around 1% to
five-week lows, leading losses among sectoral indexes on the
wider STOXX 600  .STOXX 
    ** Citi analysts say the index might have peaked in April
with rising geopolitical fears, fewer rate cuts expected from
Fed and a potential ECB rate cut soon
    ** "With a 30% higher DAX, and 35% higher SXAP, we would
suggest some caution in chasing this rally now, and we would
agree if investors wanted to reduce some beta exposures at this
stage," they say in a note
    ** Volvo Car  VOLCARb.ST , down around 3%, is top loser on
the index; Volkswagen  VOWG_p.DE  and Mercedes-Benz  MBGn.DE 
are down around 0.7%-0.8% 

 (Reporting by Danilo Masoni, Anna Pruchnicka)
 ((anna.pruchnicka@tr.com))