LONDON — Europe’s car and components sector SXAP rose on Friday after China unveiled steps to spice up automobile gross sales, because it tries to shore up a sluggish economic system, whereas Volvo Vehicles outcomes additionally supported the sector.

The STOXX 600 automobile and components index rose 0.36 p.c and was set for a modest weekly achieve of 0.2 p.c.

Chinese language authorities introduced measures geared toward boosting gross sales of cars and electronics, however these steps fell wanting impressing buyers, who’ve been clamouring for stronger stimulus.

Sweden-based automaker Volvo Vehicles, majority-owned by China’s Geely Holding, gained probably the most after the automaker forecast wholesome demand for its automobiles regardless of pricing pressures. Its shares rose 6.8 p.c. Renault rose 1.6 p.c.