For the consumer discretionary sector, southern Europe may have resembled a graveyard in recent years as the sovereign debt crisis raged. But new car registrations released on Wednesday - often used as a proxy for sales - showed that demand is hinting at a recovery in countries such as Spain and Greece.
In September, demand for new cars in the European Union was up 5.4 percent, from the record low volumes registered in September last year, the European Automobile Manufacturers' Association (ACEA) said.
This fresh data contrasts with disappointing data for Europe's carmakers so far this year. From January to September, new car registrations declined by 3.9 percent, compared to the first nine months of 2012, ACEA said.