June 16, 2017 / 7:31 AM / 5 months ago

Autos, Tesco spur European shares rebound

MILAN, June 16 (Reuters) - European shares bounced back from two days of losses on Friday as auto stocks rose following higher car sales in May and a strong update from Tesco offered relief to the battered retail sector.

The pan-European STOXX 600 index rose 0.5 percent in early trades while Britain’s FTSE gained 0.3 percent.

Tesco was among the leading gainers, up more than 2 percent, after Britain’s biggest retailer released a first quarter update that showed UK like-for-like sales growth of 2.3 percent that beat analyst expectations.

Its gains helped European retailers over part of the heavy losses suffered in the previous session when UK data showed consumers are feeling the impact of rising inflation.

Autos rose 0.8 percent after data showed that European car sales returned to growth with a rise of 7.7 percent in May.

While Friday’s gains were spread across the market with all sectors in positive territory, European and British indices were on track to end lower for the second week in a row, weighed by fresh growth worries, valuation concerns and political uncertainty in the UK. (Reporting by Danilo Masoni, Editing by Vikram Subhedar)

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