Volkswagen one of the worlds biggest car makers finds itself back in court today as the company once again faces the fallout of the diesel gate emissions cheating scandal. Hundreds of thousands of german vw customers have joined a first of its kind grouped proceeding to seek compensation from the automaker. The firm admitted in 2015 to using Illegal Software to cheat on emissions tests in 11 million vehicles worldwide. So far the scandal has cost the group over 33 billion, however the vast majority of that sum, 22 billion, has gone to the us in in fines, compensation and legal costs. Vw owners in the uk will be watching with interest as around 117,000 claimants are part of a similar action, also seeking compensation from the auto giant. Simon duval smith, editor of automotive purchasing and supply chain magazinejoins me now. Morning. Talk is through this case. What is it that the group, who were taking vw to court, what do they have to prove . Well, there are 50 questions which are goi
Down across equity markets 1 . At least we are getting some bounceback in u. S. Equities. But given a 3 drop, hardly any consolation. Further into negative. In australia a low 16 basis points, the flattest curve in australia going back to 2009. Flipping the boards, what else are we tracking . It is not a good day. Msc i down 0. 8 . Home prices nothing to write home about. Ems, 0. 6 . However cheap you think they are, a strong dollar keeping the money away. Uneventful. Dollaryen, 106. That is steady, bodes well if you are looking to buy into this. Joining us to answer that question, ken wong. Agent equity portfolio specialist. Ken opportunities. Over the next couple weeks a lot of Companies Reporting their earnings. Itll be good to see specifically what the guidance will be. We know markets are relatively cheap. You look at that from a historical standpoint. That said, you still have to be careful. Below theirrading Intrinsic Value. A lot of investors are waiting for silence. I was in a
Selfdriving car ambitions and why that may actually be good news for the stock. Plus hong kong looks to get its property sector back on the right foot and its investor happy to go along for the ride. Shares of bumble sink as we go to the open. Its wednesday, february 28th, 2024, and youre watching Worldwide Exchange right here on cnbc. Good morning. Welcome to Worldwide Exchange. Im frank holland. Were going to kick off this hour with a check of u. S. Stock futures after a bit of a mixed day for stocks that saw the dow close lower but the s p and nasdaq finished very slightly higher. Right now you can see red across the board. It looks like the tow could open at 145 points lower. Nasdaq is the hardest hit, down over a half a percent. At least 46 s p 500 stocks are trading at 52week highs or a alltime highs with big tech or communication services. Take a look at some of the names. Were talking about ross stores, ulta beauty, tractor supply, volcan materials. Russell 2000 is coming off i
Stocks are up on the second straight day, we are at session highs in the benchmark, 1. 2 . The latest push is coming from the moves we are seeing from Hong Kong Developers with we will show you the moment Commodity Markets are, the expectation that frontloading and incremental more insurance from bonds, that is to equities right now from his sentiment, the inserted. Comedy markets like iron ore ozzie meme stocks also catching substantial bid. Breaking news these last few minutes coming out, talking out of substantial moves from john lee. Let me recap some of those lines to explain these big moves. Hong kong will cut on purchase taxes by half to 7. 5 . It will also be having the tax residence buying a second home, which is substantial as well miners down there flat then two years without multishortening that period from 32 to two years. Hong kong will also assist and home purchase taxes for arrivals under the new program. We will see if we get new comments from john lee should be starti
Youre watching deprecation coming to you live from new york, sydney and hong kong. Counting down to asias major market opens. Australia has just open for trade, the top stories this hour. Asian shares poised open higher after that this comes from fed officials, oil and gold Holding Gains in the aftermath of attacks on israel. Benjamin netanyahu says that retaliation has started against hamas as militants are warned they are prepared to kill hostages. Plus, xi jinping meets u. S. Congressional leaders facing criticism for chinas stance on the middle east conflict. Look at how u. S. Futures are trading in the Asian Session, not a lot of movement after we saw the s p 500 gained ground in the new york session. We did have Energy Companies really leading today given that oil prices were higher in the new york session. We are holding at 86 per barrel and they jumped more than 5 . We continue to watch the implications of a wider conflict in the middle east. Although the u. S. Has said that it