Shares of industrial and transportation companies saw a significant decline, as traders made a strategic shift ahead of upcoming earnings reports. This move reflects the cautious sentiment in the market.
Volkswagen Narrows Profit Projection for 2023
German car manufacturer Volkswagen has provided an update on its profit projection for 2023. The company forecasts that its operating profit before special items will be at a similar level to last year’s $23.82 billion. At that time, VW’s return on sales was reported as 8.1%. This adjustment in their projection highlights the company’s intention to maintain stability in its financial performance.
European Union Car Registrations Show Positive Growth
In a positive sign for the automotive industry, car registrations in the European Union saw a notable increase of 9.2% last month compared to the same period last year. The industry group ACEA reported a total of 861,062 units registered. This data suggests that there is still a strong demand for cars within the European market.
General Motors Makes Record Proposal to Auto Workers
General Motors (GM) has recently made a “record” proposal to its auto workers. The proposal includes the reinstatement of cost-of-living adjustments and the offering of compounded raises totaling approximately 25% over the span of four years. This move by GM demonstrates its commitment to addressing the concerns and needs of its workforce.
However, there has been no response as of yet from the United Auto Workers’ strike organizers.
CMA CGM CEO Emphasizes Stable Outlook for Shipping Industry
Rodolphe Saadé, the billionaire CEO of French container line CMA CGM, has expressed confidence in the shipping industry amidst a noticeable decline in earnings. He believes that there is no cause for panic and emphasizes the importance of maintaining stability during challenging periods.