Europe: Shares hold on to 8-month highs on China data; Autos rally

[BENGALURU] European shares ended higher on Wednesday led by a rally in auto stocks as better-than-expected sets of data from China assuaged investor concerns about the health of the world's second-largest economy.

Analysts however, said it was too early to call a sustainable turnaround there, and further policy support would be needed to maintain momentum.The positive China data spurred demand for carmakers and suppliers in the region with the auto index touching near seven-month highs.

A slew of positive news including upbeat earnings from semiconductor equipment maker ASML Holding, the China data and a Qualcomm-Apple settlement drove chipmakers in the region higher. Losses in healthcare and basic resources were among the biggest drags with BHP Group PLC, falling 2.5 per cent after cutting its forecast for iron ore output, a day after rival Rio Tinto slashed its output guidance.

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