Volkswagen CEO Announces Departure, Platinum at 6.5 Year Low
September 24, 2015 6:32 am
Both US and Asian stocks ended in negative territory, after worse than expected Chinese and US factory data and a selloff in automobile shares panicked investors. The Dow fell 50 points to close at 16,279, while the S&P500 dropped 3 points to close at 1,938.
The Euro, having recoiled from a three-week low of $1.1105 touched on Wednesday, climbed to $1.1182. The Yen, which has been fairly stable this week, continues to do so against the Dollar at 119.97. AUD, meanwhile, languished near a two week low of $0.6989.
Brent futures climbed 0.6% to $48.04 per barrel, after having lost 2.7% on Wednesday. Platinum, used in catalytic converters to clean up exhaust emissions, slid to its lowest level in more than six and a half years on Wednesday on fears about reduced demand from the auto sector. It last stood at $944.95 per ounce, having fallen to as low as $924.50. Spot Gold was trading at $1135 per troy ounce.
Volkswagen shares fell nearly 7%, after plummeting 18.6% on Monday and 19.8% on Tuesday, after the company said the scandal could affect 11m of its cars around the globe as investigations of its diesel models multiplied. Volkswagen Stock is currently up by around 6.5% per share at 118.70 after it was revealed that the CEO will step down in the wake of the emissions scandal that has rocked the industry over the past few days.
Both US and Asian stocks ended in negative territory, after worse than expected Chinese and US factory data and a selloff in automobile shares panicked investors. The Dow fell 50 points to close at 16,279, while the S&P500 dropped 3 points to close at 1,938.
The Euro, having recoiled from a three-week low of $1.1105 touched on Wednesday, climbed to $1.1182. The Yen, which has been fairly stable this week, continues to do so against the Dollar at 119.97. AUD, meanwhile, languished near a two week low of $0.6989.
Brent futures climbed 0.6% to $48.04 per barrel, after having lost 2.7% on Wednesday. Platinum, used in catalytic converters to clean up exhaust emissions, slid to its lowest level in more than six and a half years on Wednesday on fears about reduced demand from the auto sector. It last stood at $944.95 per ounce, having fallen to as low as $924.50. Spot Gold was trading at $1135 per troy ounce.
Volkswagen shares fell nearly 7%, after plummeting 18.6% on Monday and 19.8% on Tuesday, after the company said the scandal could affect 11m of its cars around the globe as investigations of its diesel models multiplied. Volkswagen Stock is currently up by around 6.5% per share at 118.70 after it was revealed that the CEO will step down in the wake of the emissions scandal that has rocked the industry over the past few days.
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