Overseas Trading: Asia Gains, Volkswagen Weighs on Europe

European automakers got rocked after France's finance minister called for an investigation into all European car companies

Josh Selway

Sep 22, 2015 at 8:34 AM

Asian stocks tracked their U.S. counterparts higher today. China's Shanghai Composite added 0.9%, despite some anxiety over Wednesday's highly anticipated manufacturing data. Traders are optimistic over Chinese President Xi Jinping's visit to the U.S. this week, as well as a potential market tie-up between the mainland and London. Elsewhere, Hong Kong's Hang Seng closed 0.2% higher, while South Korea's Kospi picked up 0.9%, with automakers getting a boost thanks to Volkswagen's emission probe. Stock markets in Japan remain closed for holiday.

Speaking of Volkswagen, the company's emission scandal is highlighting a broad sell-off in European bourses, with the German automaker falling roughly 20% for the second straight day. In light of the controversy, France's finance minister, Michel Sapin, suggested an investigation into carmakers throughout Europe. Meanwhile, pharmaceutical stocks are slumping in sympathy with their U.S. counterparts. At last check, London's FTSE 100 was off 2.1%, Germany's DAX has dropped 2.7%, and France's CAC 40 is down 2.9%.

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