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An employee of German car manufacturer Porsche works on a Porsche sports car at the Porsche factory in Stuttgart-Zuffenhausen, Germany, February 19, 2019. Picture taken February 19, 2019. REUTERS/Ralph Orlowski
Europe's automobile and parts sector rose on Friday after China unveiled steps to boost car sales, as it tries to shore up a sluggish economy, while Volvo Cars results also supported the sector.
The STOXX 600 car and parts index rose 0.36%, and was set for a modest weekly gain of 0.2%.
Chinese authorities announced measures aimed at boosting sales of automobiles and electronics, but those steps fell short of impressing investors, who have been clamouring for stronger stimulus.
Sweden-based automaker Volvo Cars, majority-owned by China's Geely Holding, gained the most after the car-maker forecast healthy demand for its vehicles despite pricing pressures. Its shares rose 6.8%.
France's Renault rose 1.6%. (Reporting by Joice Alves; Editing by Amanda Cooper)