Automakers continue to suffer heavy losses amid the Volkswagen scandal, with BMW falling nearly 9%
While Chinese stocks were able to recover from Wednesday's data-related drop, equities in Japan suffered heavy losses in their first session back from a three-day holiday closure. Specifically, Japan's Nikkei closed 2.8% lower, dragged down by automakers and parts suppliers as traders were finally able to react to the Volkswagen saga. Weak manufacturing data and a stronger yen also kept stocks under pressure. As stated, Chinese equities recovered slightly; the Shanghai Composite added 0.9%, though blue chips still struggled.
In Hong Kong, the Hang Seng finished with a loss of 1%. The index was mainly hurt by losses in the financial and energy sectors. South Korea's Kospi, meanwhile, edged 0.1% higher, with the country's automakers resuming their Volkswagen-related boost.
Things are getting ugly in Europe. Bourses are lower across the board, with energy and auto stocks pacing the losers. Although Volkswagen was able to finish higher, sector peer BMW took a nearly 9% stumble, as reports surfaced claiming some of the company's cars didn't meet emission standards. Even amid some promising economic data, Germany's DAX is the biggest loser thus far today, last seen 1.8% lower. France's CAC 40 was down 1.4% at last check, while London's FTSE 100 was off 0.6%.
