Volkswagen Stock Plummets After Emmissions Rigging Revelation
September 22, 2015 6:22 am
After last week’s Federal Reserve decision to keep interest rates unchanged over worries about the global economy, US shares edged higher on Monday. The Dow Jones industrial average rose 125.61 points, or 0.77%, to 16,510.19, while the S&P 500 gained 8.94 points, or 0.46%, to 1,966.97 and the Nasdaq Composite added 1.73 points, or 0.04, to 4,828.96.
Following the strong lead from Wall Street and a rebound in commodity prices, Asian markets headed higher on Tuesday, recovering from the previous session’s losses. Despite reports from a Chinese government think tank which suggested the country’s growth will slow to 6.9% this year, missing the government’s 7% growth target, Chinese shares opened higher. The Shanghai Composite was up 0.4% to 3,169.44, while Hong Kong’s Hang Seng index was higher by 0.5% to 21,863.60,
In the FX market, USD slipped 0.1 percent to 95.802 against a basket of six currencies .DXY, after earlier climbing 1 percent. The Euro gained 0.1 percent to $1.12. USD retreated 0.2 percent to 120.36 Yen following a 0.45 percent rise.
Oil prices fell earlier this morning after rising over 4% overnight after news of declining stockpiles and a slump in drilling activity. U.S. crude futures slipped 0.9 percent to $46.27 per barrel and Brent futures were 0.7 percent lower at $48.58.
In the equity space, RSA has rebounded somewhat and is trading up 1.83% at 409p per share in early morning trading after it emerged yesterday that Zurich Insurance had announced it had finished its discussions with RSA and did not intend to make a bid.
Yesterday saw Volkswagen’s share price plummet, ending the day down by 23% after news broke that the car company rigged vehicle emissions tests in the United States. Big fines will now inevitably follow for Volkswagen, and there’s a significant possibility that the firm will face class-action lawsuits in the US as well. Following on from yesterday, Volkswagen’s share price is currently down by around 5%. Other European carmakers have not escaped unscathed either, as investor worries now threaten to overshadow the entire auto industry; Peugeot is currently trading down by 6%, Daimler is down by around 2.6% and BMW down by around 3.5%
After last week’s Federal Reserve decision to keep interest rates unchanged over worries about the global economy, US shares edged higher on Monday. The Dow Jones industrial average rose 125.61 points, or 0.77%, to 16,510.19, while the S&P 500 gained 8.94 points, or 0.46%, to 1,966.97 and the Nasdaq Composite added 1.73 points, or 0.04, to 4,828.96.
Following the strong lead from Wall Street and a rebound in commodity prices, Asian markets headed higher on Tuesday, recovering from the previous session’s losses. Despite reports from a Chinese government think tank which suggested the country’s growth will slow to 6.9% this year, missing the government’s 7% growth target, Chinese shares opened higher. The Shanghai Composite was up 0.4% to 3,169.44, while Hong Kong’s Hang Seng index was higher by 0.5% to 21,863.60,
In the FX market, USD slipped 0.1 percent to 95.802 against a basket of six currencies .DXY, after earlier climbing 1 percent. The Euro gained 0.1 percent to $1.12. USD retreated 0.2 percent to 120.36 Yen following a 0.45 percent rise.
Oil prices fell earlier this morning after rising over 4% overnight after news of declining stockpiles and a slump in drilling activity. U.S. crude futures slipped 0.9 percent to $46.27 per barrel and Brent futures were 0.7 percent lower at $48.58.
In the equity space, RSA has rebounded somewhat and is trading up 1.83% at 409p per share in early morning trading after it emerged yesterday that Zurich Insurance had announced it had finished its discussions with RSA and did not intend to make a bid.
Yesterday saw Volkswagen’s share price plummet, ending the day down by 23% after news broke that the car company rigged vehicle emissions tests in the United States. Big fines will now inevitably follow for Volkswagen, and there’s a significant possibility that the firm will face class-action lawsuits in the US as well. Following on from yesterday, Volkswagen’s share price is currently down by around 5%. Other European carmakers have not escaped unscathed either, as investor worries now threaten to overshadow the entire auto industry; Peugeot is currently trading down by 6%, Daimler is down by around 2.6% and BMW down by around 3.5%
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