November 18, 2016 / 8:30 AM / 3 years ago

European shares propped up by automakers, miners fall

(ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets)

MILAN, Nov 18 (Reuters) - European shares were marginally higher in early trade on Friday, as a stronger dollar underpinned export-oriented stocks such as automakers, though gains were capped by weaker mining stocks.

By 0812 GMT, the pan-European STOXX 600 index rose 0.2 percent, slightly extending gains made in the previous session.

Among automakers, Volkswagen was the biggest gainer. The stock rose 1.2 percent after a source told Reuters that the German group and its labour unions had agreed to 30,000 job cuts by 2021 as part of a plan to boost profitability and fund a shift to electric and self-driving cars.

Europe’s basic resources index, which includes big London-listed miners, was the biggest sectoral loser following gains in the previous session. Shares in Glencore, Rio Tinto and BHP Billiton were all down more than 2 percent. (Reporting by Danilo Masoni, editing by Kit Rees)

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