World Bulletin / News Desk
“In February 2017, EU demand for passenger cars increased only modestly, 2.2 percent, especially when compared to January’s double-digit figures," ACEA said in the report.
Overall passenger cars registration in February totaled 1,078,503 units, it said.
Despite the weak performance in February compared to the previous month’s 10.2 percent increase, the association noted that the new reading was close to February 2008 levels just before the economic crisis hit the automotive industry.
Among the major markets, France, Germany and U.K. all saw declines from a year earlier partially due to February having one working day less, the report said, adding the performance of 12 member states, who joined the bloc after 2004, drove the sales higher, showing a 15.9 percent hike in the month from a year earlier.
The EU is the largest export market for the Turkish automobile industry, which is vital for the Turkish economy as Turkey is home to several joint venture car companies such as Oyak Renault, Tofas-Fiat Chrysler, and Ford Otosan.
The Automotive Industry Association (OSD) of Turkey announced Monday that the auto exports in the first two months of the year surged 31 percent in numbers from a year earlier, and 60 percent in cars alone.
Total exports in January and February totaled $4.33 billion, up 21 percent compared to the same period last year, the OSD report said, adding passenger car sales jumped 92 percent, hitting $1.84 billion.
Crude prices stabilised after diving more than two percent on Tuesday on increasing fears of a global supply glut, as continued production in the US and elsewhere offsets an OPEC output cut deal.
Move estimated to save company $1B in investment costs
However, most other regional markets struggled after Monday's healthy gains, despite being given a positive lead from Wall Street where the Dow and S&P 500 closed at fresh record highs.
The purchase in one fell swoop gives Amazon, which until now has operated almost entirely on the internet, a big presence in the brick-and-mortar world on Main Street, with more than 450 stores in the US, Canada and Britain.
"The Bank of Russia Board of Directors decided to cut the key rate to 9.00 percent per annum," the bank said in a statement. The cut follows a half-point decrease in late April.
Equity traders have suffered a fraught week as the crisis engulfing Donald Trump picks up pace, technology firms tumbled from recent highs and energy plays were hammered by plunging oil prices.
"In May 2017, passenger car registrations across the EU increased by 7.6 percent to 1.387 million units," ACEA said in a statement.
In the eurozone, Frankfurt's DAX 30 index climbed 0.4 percent to 12,746.05 points, and the Paris CAC 40 gained 0.5 percent to 5,243.53 compared with the close on Thursday.
Eastern Mediterranean gas deposits discussed at high-level meeting in Thessaloniki
While a "rebalancing of the market" was "underway," it was "at a slower pace than originally anticipated," the Organization of Petroleum Exporting Countries wrote in its latest monthly oil market report.
US, with 30 planned LNG terminals and six under-construction, is forecast to be next leader in LNG markets
Turkey sent stockpiles of food and water supplies aboard cargo planes to Qatar amid row with Arab states