European shares climbed on Thursday, with the automobile sector rising on positive company updates while Greek shares bounced higher on renewed expectations of a resolution to its debt problems, Reuters reported. The STOXX Europe 600 Automobile & Auto Parts index rose 1 percent, outperforming a 0.6 percent advance on the pan-European FTSEurofirst 300 index. The car sector was helped by a 1.1 percent gain at Daimler after Daimler's chief executive Dieter Zetsche said booming sales of high-margin sports utility vehicles would help it achieve a better result in the second quarter, while BMW also rose 1.4 percent after unveiling a new flagship sedan. Greek shares rallied 6.8 percent, rebounding from a 1.1 percent decline in the previous session, while the Athens' banking index surged 14.2 percent. Greek shares got a boost as German Chancellor Angela Merkel said Greece had told European partners it was committed to intense discussions with creditors to solve all open issues and avoid a looming default at the end of the month. Athens' main ATG index remains down by around 2 percent since the start of 2015, underperforming a 14 percent rise on the FTSEurofirst. Across Europe, Germany's DAX was up 0.8 percent, while France's CAC advanced 0.7 percent. The DAX remains up around 16 percent since the start of 2015, although some 8 percent below record highs hit in April.
