Thursday 29 September 2016

European shares down, Volkswagen extends losses as probe spreads

Published 22/09/2015 | 08:44

Traders are pictured at their desks in front of the DAX board at the Frankfurt stock exchange. Photo: Reuters
Traders are pictured at their desks in front of the DAX board at the Frankfurt stock exchange. Photo: Reuters

European equities retreated early on Tuesday after strong gains in the previous session, with Volkswagen leading the market lower after its emissions-cheating probe spread to Asia.

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Volkswagen, which has admitted cheating diesel vehicle emissions tests in the United States, fell 3.3 percent after South Korea said it would investigate three of its diesel models. Lawmakers on a panel in the U.S. House of Representatives also planned to hold a hearing in coming weeks.

Volkswagen's shares had previously slumped nearly 20 percent on Monday.

At 0708 GMT, the FTSEurofirst 300 index of top European shares was down 0.3 percent at 1,407.35 points, after closing 1 percent higher in the previous session.

Reuters

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