European autos stocks hit on China tariff jitters
LONDON, May 22 (Reuters) -European autos stocks were the worst performing equity market sector on Wednesday, following a report that suggested there was potential for China to impose higher tariffs on cars.
A government-affiliated auto research body expert told China's Global Times newspaper that China should raise its import tariffs on large gasoline-powered cars to 25%, as the country faces sharply higher U.S. auto import duties and possibly additional duties to enter the European Union.
An index of European carmakers .SXAP was last down 1.8% - making it the worst-performing sector - having pulled back from a 2.4% drop earlier in the session. The broader STOXX 600 .STOXX which was last down 0.3%.
Germany carmakers P911_p.DE BMW BMWG.DE and Mercedes-Benz MBGn.DE were last down 2.2% and 1.5%, respectively. Italian-American automaker Stellantis STLAM.MI was down 0.9% having fallen as much as 1.9% earlier in the session.
French car parts maker Valeo VLOF.PA was last down 2.5%.
Reporting by Lucy Raitano; Editing by Amanda Cooper and Louise Heavens
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