Germany wants to carry out unannounced emissions tests on all carmakers, Transport Minister Alexander Dobrindt said on Sunday, aiming to reinstate confidence in the industry that was shattered by the Volkswagen cheating scandal. It would also call on the government to present plans to encourage motorists to switch to electric cars. Volkswagen, Europe's largest carmaker, admitted in September it had cheated U.S. emissions tests by installing software capable of deceiving regulators in up to 11 million diesel vehicles worldwide.
The S&P 500 is down about 13 percent from its record high in May, as oil remains mired below $30 a barrel, while concerns about stability among banks and uncertainty about the U.S. Federal Reserve's path of rate hikes have pushed investors away from risk assets. Jack Ablin, chief investment officer at BMO Private Bank in Chicago, views that as a positive sign. "My suspicion is that you are seeing institutions nibble at extremely compressed valuations," said Peter Kenny, equity market strategist at Kenny & Co LLC in Denver.
Aerospace leaders gathering for this week's Singapore Airshow face conflicting pressures as they juggle growing concerns over jetliner demand while keeping record production plans on track. Worries about the effects of a faltering global economy and tensions in the South China Sea overshadow the two-yearly event in Singapore, which is both a major commercial travel hub and home to Southeast Asia’s most potent and best-trained air force.