You are here

Europe: Shares slip, Volkswagen leads autos lower

European shares rose on Wednesday after reaching 2015 lows as a bruising quarter ended, with a Chinese tax cut boosting automakers while miner Glencore rallied after saying it had no solvency issues.

[LONDON] European shares edged lower on Wednesday, extending the previous day's slump to one-month lows, with Volkswagen continuing its slide down following allegations of rigging emissions tests.

Volkswagen shares fell nearly 7 per cent, after plummeting 18.6 per cent on Monday and 19.8 per cent on Tuesday, after the company said the scandal could affect 11 million of its cars around the globe as investigations of its diesel models multiplied.

The STOXX Europe 600 auto and parts index fell 3.5 per cent. The index is down about 15 per cent so far this week. The pan-European FTSEurofirst 300 index was down 0.1 per cent at 1,363.37 points.

Shares in Coloplast also fell 6.7 per cent after the Danish healthcare product maker said it will take a further provision of 3 billion Danish crowns (S$636 million) to cover potential settlements and costs in relation to litigation in the United States.