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☆ Robinhood rolls out high-risk margin trading in the UK after getting regulator nod
▼ + stars: | 2024-10-21 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

The launch of margin trading follows the recent approval of the product, after Robinhood held conversations with Britain's financial regulator, the Financial Conduct Authority (FCA). Margin trading is a rarity in the U.K., where regulators see it as more controversial because of the risks involved to users. Some platforms in the country limit margin trading for only high-net-worth individuals or businesses. In the case of margin trading, investors can use borrowed money to increase the size of their trades. At the time of launch, Robinhood was unable to offer U.K. users the option of margin trading, pending discussions with the FCA.

Persons: Rafael Henrique, Robinhood, Jordan Sinclair, Goldman Sachs, Morgan Stanley, Sinclair, we've, Robinhood's Sinclair, that's Organizations: Getty, Financial, Authority, Interactive, IG, CMC Markets, Robinhood, JPMorgan Chase, UBS, CNBC, FCA, U.S ., Federal Deposit Insurance Corporation Locations: U.S, Britain, Tesla

☆ European markets set to start the new trading week in mixed territory
▼ + stars: | 2024-10-21 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European markets are heading toward a mixed start to the new trading week. The U.K.'s FTSE 100 index is expected to open 17 points higher at 8,373, Germany's DAX down 12 points at 19,644, France's CAC up 1 point at 7,611 and Italy's FTSE MIB up 55 points at 35,087, according to data from IG. Regional markets had ended last week on a high note after the European Central Bank announced its third interest rate cut of the year last Thursday, lowering the deposit rate by another 25 basis points, as inflation risks in the European Union are seen to be easing faster than anticipated. Overnight, Asia-Pacific markets were mixed as traders assessed China's loan prime rate announcement, with focus also on Japan's general election at the end of this week. Stateside, stock futures ticked higher Sunday night after the Dow Jones Industrial Average and S&P 500 notched their best weekly win streaks of 2024.

Persons: Germany's DAX Organizations: France's CAC, IG, Regional, European Central Bank, Dow Jones Industrial Locations: European Union, Asia, Pacific

☆ European markets set for mixed open as investors digest third ECB rate cut of the year
▼ + stars: | 2024-10-18 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +1 min

European markets were headed for a mixed open on Friday as investors digested the European Central Bank's decision to cut interest rates yet again and awaited fresh economic data and earnings. Germany's DAX , the U.K.'s FTSE 100 and France's CAC 40 are all expected to slip when markets open, according to IG data, while Italy's FTSE MIB is on track to rise. The pan-European Stoxx 600 ended Thursday in the green, with almost all sectors and regional bourses trading in positive territory. It came as the ECB announced its third interest rate cut of the year, lowering the deposit rate by another 25 basis points, as inflation risks in the European Union ease faster than anticipated. On Friday, investors will be watching the latest U.K. retail sales data and quarterly earnings from Volvo Group.

Persons: Germany's DAX Organizations: Central, CAC, ECB, Volvo Group, Dow Jones Locations: European Union, Asia, Pacific, China, Hong Kong

☆ Oil inches up after surprise drop in U.S. crude stockpiles
▼ + stars: | 2024-10-17 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose in early Asian trade on Thursday, paring sharp losses over the past two sessions, after industry data showed an unexpected drop in U.S. crude stockpiles last week. It's coming, we know that but we don't know when," Sycamore said, adding that both factors bring upside risks for crude oil. In the U.S., crude oil and fuel stocks fell last week, market sources said, citing American Petroleum Institute figures on Wednesday, against expectations of a build-up in crude stockpiles. Crude stocks fell by 1.58 million barrels in the week ended Oct. 11, the sources said on condition of anonymity. Gasoline inventories fell by 5.93 million barrels, and distillate stocks fell by 2.67 million barrels, they said.

Persons: Tony Sycamore, Sycamore Organizations: Brent, U.S, West Texas, Organization of, Petroleum, International Energy Agency, China NPC, IG, Investors, American Petroleum Institute, Reuters, Energy Information Administration, U.S . Department of Energy, European Central Bank Locations: Almetyevsk, Tatarstan, Russia, Israel, Iran, China, Sydney, Beijing, U.S

☆ European stocks set to open lower as global markets see declines; ASML earnings due
▼ + stars: | 2024-10-16 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a lower open Wednesday as global market sentiment takes a turn lower. The U.K.'s FTSE 100 index is expected to open 6 points lower at 8,249, Germany's DAX down 35 points at 19,482, France's CAC down 59 points at 7,469 and Italy's FTSE MIB down 137 points at 34,246, according to data from IG. The lower open seen for Europe's major bourses follows declines on Wall Street Tuesday and comes as most Asia-Pacific markets traded lower overnight, with Japan's Nikkei leading losses. U.S. stock futures were calm Tuesday evening as Wall Street looked to see whether equities can be rebound to record highs this week; the S&P 500 and Dow hit all-time highs Monday. Earnings in Europe Wednesday come from chip firm ASML.

Persons: Germany's DAX, Morgan Stanley Organizations: France's CAC, IG, Japan's Nikkei, Dow Locations: Asia, Pacific, Europe

☆ Never seen investors this afraid of a market that's doing so well: IG North America CEO JJ KInahan
▼ + stars: | 2024-10-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNever seen investors this afraid of a market that's doing so well: IG North America CEO JJ KInahanJJ Kinahan, IG North America CEO, joins 'Squawk Box' to discuss the latest market trends, the Fed's inflation fight, impact of the 2024 election, market outlook, and more.

Persons: JJ KInahan JJ Kinahan Organizations: North, IG North America

☆ Gold prices flat as investors await fresh impetus
▼ + stars: | 2024-10-15 | by ( ) www.cnbc.com time to read: +2 min

Gold was flat on Tuesday as investors await fresh insights on the Federal Reserve's stance on U.S. interest rate reductions for further direction on bullion prices. Gold was flat on Tuesday as investors await fresh insights on the Federal Reserve's stance on U.S. interest rate reductions for further direction on bullion prices. "Gold prices have been surprisingly resilient, refusing to succumb to a stronger U.S. dollar and higher Treasury yields," IG market strategist Yeap Jun Rong said. Fed Governor Christopher Waller called for "more caution" on interest rate cuts ahead. While, Fed Bank of Minneapolis President Neel Kashkari said more rate reductions likely lie ahead for the U.S. central bank as the 2% inflation target looms into sight.

Persons: Yeap Jun Rong, Christopher Waller, Neel Kashkari Organizations: Fed, Fed Bank of Minneapolis, U.S, London Locations: China

☆ Dollar at over two-month high, yen near 150 per dollar
▼ + stars: | 2024-10-15 | by ( ) www.cnbc.com time to read: +3 min

The U.S. dollar was perched at an over two-month high against major currencies on Tuesday, spurred by wagers the Federal Reserve will proceed with modest rate cuts in the near term, while the yen inched closer to the key 150 per dollar level. The U.S. dollar was perched at an over two-month high against major currencies on Tuesday, spurred by wagers the Federal Reserve will proceed with modest rate cuts in the near term, while the yen inched closer to the key 150 per dollar level. The U.S. central bank kicked off its easing cycle with an aggressive 50 basis points at its last policy meeting in September. The dollar got a lift after Fed Governor Christopher Waller on Monday called for "more caution" on interest rate cuts ahead, citing recent economic data. That has cast doubts over when Japan's central bank will next tighten policy.

Persons: Christopher Waller, Waller, Chris Weston, Kazuo Ueda, Shigeru Ishiba, Tony Sycamore Organizations: U.S, Reserve, European Central Bank, Fed, Traders, Boeing, Bank of Japan, New Zealand, Caixin Global, Treasury, IG, China National, Congress Locations: U.S, Japan, China

☆ European markets set for positive open, tracking Wall Street higher
▼ + stars: | 2024-10-15 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European stocks are heading for a positive open Tuesday, with global markets broadly tracking gains on Wall Street. The U.K.'s FTSE 100 index is expected to open 40 points higher at 8,324, Germany's DAX up 86 points at 19,586, France's CAC up 27 points at 7,621 and Italy's FTSE MIB up 125 points at 34,653, according to data from IG. The positive start for Europe comes after gains on Wall Street that saw the Dow Jones Industrial Average and the S&P 500 reach new intraday highs and record closes. Asia-Pacific markets were mixed overnight, but regional chip stocks rose, boosted by Nvidia's share price rising 2.4% Monday before closing at a record high. In Europe Tuesday, earnings are set to come from LVMH and Ericsson and data releases include the U.K.'s latest unemployment figures, French inflation data and the Europe and German ZEW index of economic sentiment.

Persons: Germany's DAX Organizations: France's CAC, IG, Dow Jones Industrial, Nvidia's, LVMH, Ericsson Locations: Europe, Asia, Pacific

☆ Russia's oil trade is rising as record volumes of Russian crude are carried on 'dark fleet' vessels
▼ + stars: | 2024-10-14 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +7 min

According to Clearview Energy Partners, Russian crude prices over the last four weeks have averaged about six cents below the Brent crude price. Record volumes of sanctioned Russian oil were carried by the "dark fleet" and known sanctioned tankers without known insurance over September, according to a recent report from Lloyd's List. The Price Cap Coalition continues to engage with industry to ensure compliance with the price cap and to increase Putin's costs of going outside it." The increased use of dark fleet vessels comes with greater maritime safety and environmental risks. Insurance giant Allianz said in May that dark fleet tankers had been linked to more than 50 accidents.

Persons: Kevin Book, Vortexa, Avebury, Andy Lipow, Putin, Lipow Organizations: Windward, Clearview Energy Partners, CNBC, European Union, Brent, Intelligence, Iranian Tanker Co, U.S . Office, Foreign, Control, Lipow Oil Associates, Treasury, Kremlin, Coalition, Group, Insurance, Allianz Locations: Morocco, U.S, Ukraine, Australia, India, China, Russian, Barbados, Seychelles, UAE, Avebury Shipmanagement . Greece, Russia, United States, Iran, Israel, Straits, Hormuz, Canada, Guyana

☆ Oil prices fall by more than $1 on deflation worries in China
▼ + stars: | 2024-10-14 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell by more than $1 a barrel, losing over 1.5% in early trading on Monday, after disappointing Chinese inflation data and a lack of clarity on Beijing's economic stimulus plans stoked fears about demand. In the U.S. market, energy firms last week added oil and natural gas rigs for the first time in four weeks, according to a closely followed report by energy services firm Baker Hughes. The oil and gas rig count, an early indicator of future output, rose by one to 586 in the week to Oct. 11. The impact of Hurricane Milton boosted short-term demand in the U.S. as evacuations supported gasoline consumption, but weak demand dominated the fundamentals outlook. Oil major BP posted a $600 million drop in its third-quarter profit on Friday because of weak refining margins amid a slowdown in global oil use.

Persons: Tony Sycamore, Baker Hughes, Hurricane Milton Organizations: Brent, U.S . West Texas, National Bureau of Statistics, China Ministry of Finance Locations: U.S, China, Beijing, East, Florida, The U.S, Iran, Israel, Hurricane

☆ European markets expected to open slightly higher; UK economy expands 0.2% in August
▼ + stars: | 2024-10-11 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Heavy rain clouds pass over the city of London skyline on September 23, 2024 in London, United Kingdom. European markets are expected to open slightly higher on Friday as investors take in U.K. gross domestic product (GDP) figures and look ahead to highly anticipated fiscal stimulus from China. The U.K.'s FTSE 100 index is poised to open 19 points higher at 8,254, Germany's DAX 23 points higher at 19,228, France's CAC up 15 points at 7,559 and Italy's FTSE MIB 11 points higher at 33,943, according to data from IG. The U.K. economy returned to growth in August, according to official data published on Friday. Asia-Pacific markets mostly traded higher on Friday, breaking ranks with U.S. stocks, which saw key benchmarks dip overnight as investors reacted to a hotter-than-expected U.S. inflation report.

Persons: Germany's DAX Organizations: France's CAC, IG, Reuters ., U.S, CSI Locations: London, United Kingdom, China, U.K, Reuters . Asia, Pacific, Hong Kong

☆ Another reason to rethink CDs: Your return is less than it seems
▼ + stars: | 2024-10-11 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Now that the Federal Reserve has started to cut the federal funds rate, those yields are moving lower. Lincoln Financial's analysis shows that cash yields have historically fallen by 2%, on average, twelve months after the start of a Fed cutting cycle. What to do with excess cash Instruments like CDs, high-yield savings accounts and money market funds are a good place to stash cash for emergencies and upcoming expenses. However, the forward market implies that they should start to look appealing relative to money funds in about six months, Abate wrote. "We expect investors to rotate from money funds into IG only if compensated for the risk," he noted.

Persons: Joe Boyle, Sallie Mae, Goldman Sachs, Marcus, Michael Kaye, Jayson Bronchetti, Lincoln, Boyle, Lincoln Financial's Bronchetti, Bronchetti, we've, Joseph Abate, Abate Organizations: Hartford Funds, Investors, Federal Reserve, American, Financial, Synchrony, Fed, Lincoln Financial, Bloomberg U.S, Barclays, Reserve, IG Locations: Wells Fargo, U.S

☆ Oil prices steady after sliding on potential Israel-Hezbollah ceasefire
▼ + stars: | 2024-10-09 | by ( ) www.cnbc.com time to read: +2 min

Oil prices steadied in Asian trading on Wednesday, as traders weighed uncertainty surrounding developments in the Middle East conflict against continued bearish fundamentals. Brent crude futures rose 11 cents, or 0.14%, to $77.29 a barrel by 02:23 GMT. Prices had plunged more than 4% in the previous session on a possible Hezbollah-Israel ceasefire, but markets remain wary of a potential Israeli attack on Iran's oil infrastructure. Hezbollah officials on Tuesday appeared to back off from a truce in Gaza as a condition for a ceasefire in Lebanon. The U.S. EIA on Tuesday downgraded its 2024 forecast for global oil demand growth by 20,000 barrels per day (bpd), to 103.1 million bpd, because of weaker industrial production and manufacturing growth in the U.S. and China.

Persons: Hezbollah's, Naim Qassem, Hurricane Milton, Tony Sycamore Organizations: Brent, . West Texas, Macquarie, Reuters, American Petroleum Institute, U.S, EIA, IG . Florida Locations: Israel, Iran, Gaza, Lebanon, U.S, China, Hurricane, Coast, Tampa

☆ The markets saw right through China's latest economic support hype
▼ + stars: | 2024-10-09 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

China's stock markets slumped after a 10-day rally that was driven by Beijing's stimulus announcement in September. Retail investors dominate China's markets, influencing sentiment and market movements. AdvertisementChina's top leadership has a problem with its economic stimulus: its own investors at home saw right through the hype this week. China's domestic stock markets slumped on Wednesday after a 10-day blitz culminated in a two-year high. China's domestic stock markets are dominated by over 200 million mom-and-pop retail investors, who account for about 70% of the trading volume.

Persons: —, weren't, Jun Rong, that's, Vishnu, Li Qiang, Hele Qiao, Qiao Organizations: Investors, Service, People's Bank of China, Reform Commission, BofA Global Locations: Shanghai, Shenzhen, China, Hong Kong, Beijing, Asia, Japan, Xinhua, Greater China, China's

☆ China markets surge on reopening as pent-up investors return from vacation
▼ + stars: | 2024-10-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

China's stock markets surged post-National Day break, driven by pent-up investor demand. Investors are assessing further economic stimulus measures from Beijing. AdvertisementChina's stock markets surged on Tuesday on pent-up demand from a weeklong trading break. Even before Tuesday's opening, China's social media was abuzz with what the stock markets may hold following the weeklong public holiday break. On Tuesday, hashtags about mainland China's stock market rushed to the top of Weibo's trending list.

Persons: —, Jun Rong, Yeap Organizations: Service, Beijing's, CSI, National Development, Reform Locations: Beijing, Shanghai, Shenzhen, China, hashtags

☆ European markets look set to keep positive momentum in the new trading week
▼ + stars: | 2024-10-07 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

A stock trader looks at his monitors in the trading room of the Frankfurt Stock Exchange. Worries about a new coronavirus mutation in southern Africa have dealt a major blow to the German stock market. LONDON — European stocks are expected to start the new trading week on a positive note, buoyed by gains in Asia overnight and last Friday's rally on Wall Street. European stocks look set to continue the positive sentiment seen at the close of trade last week, with markets getting a boost from the latest U.S. jobs report that exceeded expectations. Nonfarm payrolls data showed the U.S. economy added 254,000 jobs in September, ahead of the 150,000 estimated by economists polled by Dow Jones.

Persons: Germany's DAX, Dow Jones Organizations: Frankfurt Stock Exchange, LONDON, CAC, IG Locations: Africa, Asia, U.S

☆ European markets poised for higher open; U.S. jobs report in view
▼ + stars: | 2024-10-04 | by ( Karen Gilchrist | ) www.cnbc.com time to read: 1 min

A TV presenter gets ready for the daily reporting from the floor of the German share price index DAX at the stock exchange in Frankfurt, Germany, November 15, 2023. LONDON — European stocks were poised for a higher open Friday as traders continue to monitor the escalating conflict in the Middle East and look ahead to the latest U.S. jobs report. The FTSE 100 was seen opening up 7 points at 8,281, Germany's DAX 38 points higher at 19,029, France's CAC up 23 points at 7,489 and Italy's FTSE MIB 100 points higher at 32,171, according to IG data. It comes after the Stoxx 600 shed 1% Thursday as geopolitical tensions have contributed to a shaky start to October. Investors are looking ahead Friday to the September's payrolls report, with U.S. futures little changed overnight.

Persons: DAX, Germany's DAX Organizations: LONDON, France's CAC, Investors Locations: Frankfurt, Germany

☆ European markets set for negative open as investors focus on Middle East escalation
▼ + stars: | 2024-10-03 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

Smoke rises from a building destroyed by an Israeli airstrike as journalists and local residents visit during a press tour on October 2, 2024 in Beirut, Lebanon. LONDON — European stocks are expected to open lower Thursday as conflict in the Middle East weighs on regional investor sentiment. The U.K.'s FTSE index is seen opening 38 points lower at 8,252, Germany's DAX down 67 points at 19,097, France's CAC 40 down 26 at 7,545 and Italy's FTSE MIB 153 points lower at 33,414, according to data from IG. Israel attacked central Beirut early Thursday, killing at least six people, as it pursues Iran-backed armed group Hezbollah. Israeli authorities say there were no casualties as a result of the offensive, and that most of the missiles were intercepted.

Persons: Germany's DAX, Israel Organizations: CAC, IG Locations: Beirut, Lebanon, LONDON, Iran, Israel

☆ I went to Alexis Ohanian's women's-only track event. It was exactly what I expected from a tech millionaire.
▼ + stars: | 2024-10-01 | by ( Manseen Logan | ) www.businessinsider.com time to read: +2 min

Ohanian's venture fund Seven Seven Six hosted the inaugural race, awarding over $500,000. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementFor two weeks straight, my Instagram feed was flooded with ads featuring Reddit cofounder Alexis Ohanian promoting his latest investment, a futuristic women's-only track competition. What type of track event would a multimillionaire tech founder help to create? Ohanian calls it Athlos, and his venture fund Seven Seven Six just hosted the inaugural all-woman race on Thursday.

Persons: Athlos, Alexis Ohanian's, —, Alexis Ohanian, Tiffany, That's, Serena Williams, He's, Bob Iger, Willow, Ohanian, he's, It's Organizations: Tiffany, Service, Angel City FC, Paris Olympics Locations: New York

☆ European markets set to kick off October trading on a high note; euro zone inflation data in focus
▼ + stars: | 2024-10-01 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

LONDON — European stocks are expected to kick off October trading in positive territory after ending September on a somber note. The upbeat start to October comes after European stocks closed lower on Monday, with almost all sectors and major bourses in negative territory. Investor focus on Tuesday will be centered on preliminary inflation data from the euro zone for September. Preliminary harmonized German inflation data released on Monday showed the country's consumer price index eased to 1.8% in September, down from 2% in August. Last week, preliminary data showed the harmonized inflation rate in both France and Spain plunged below the ECB's 2% target in September.

Persons: Germany's DAX Organizations: CAC, IG, European Central Bank Locations: France, Spain

☆ Europe set to start the last trading session of September in negative territory
▼ + stars: | 2024-09-30 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

LONDON — European stocks are expected to start the week and the final trading session of September on Monday in negative territory. The U.K.'s FTSE index is seen opening 16 points lower at 8,305, Germany's DAX 43 points lower at 19,434, France's CAC 40 down 7 points at 7,791 and Italy's FTSE MIB 1 point lower at 34,626, according to data from IG. The lackluster start for European markets comes after the pan-European Stoxx 600 index closed at a fresh record high on Friday, as stocks got a boost from China's announcement last week of a range of stimulus measures that aim to boost the economy. Overnight in the Asia-Pacific region, stocks in mainland China spiked over 6% while Japan's Nikkei 225 tumbled 4.64%, as investors assessed key economic data from the two countries.

Persons: Germany's DAX Organizations: CAC, IG, Nikkei Locations: Asia, Pacific, China

☆ Stellantis shares plunge as carmaker follows Volkswagen in profit warning
▼ + stars: | 2024-09-30 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

Stellantis said it would reduce inventory levels in the United States and ship 200,000 fewer vehicles to North American dealers in the second half of 2024 than in the same period last year. Volkswagen said earlier this month that around 2 million fewer cars are being sold in Europe per year compared with pre-pandemic levels. Volkswagen itself is selling 500,000 fewer cars annually in the region, the equivalent of around two car plants. “To remain competitively viable, we have to comprehensively restructure Volkswagen… because the situation is serious,” the company said last week. “Volkswagen has to increase efficiency and reduce costs.”For Stellantis, Monday’s profit warning is the latest piece of bad news.

Persons: American carmaker, Ram Trucks, Stellantis, Volkswagen’s, Aston Martin Lagonda Organizations: London CNN —, Chrysler, Milan, Citroen, Peugeot, North, Volkswagen, Aston, IG Metall, United Auto Workers Locations: American, North America, United States, North American, China, London, Europe, Detroit

☆ Bosses at Tesla's German Gigafactory are reportedly knocking on some workers' doors when they're at home sick
▼ + stars: | 2024-09-27 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Tesla workers in Germany have received home visits from managers when out sick, a German newspaper reported. AdvertisementSome Tesla workers have received visits at home from managers while off sick, according to a report from German newspaper Handelsblatt, which cited a recording of an internal meeting. AdvertisementHe added that Tesla workers report "extremely high workloads," with management pressuring those who are out sick as healthy employees are overloaded with additional work. — Elon Musk (@elonmusk) September 26, 2024In January, Musk warned Tesla workers to prepare for a ramped-up workload as he previewed plans for a mass-market EV. AdvertisementIn 2022, shortly after he took over X, Musk complained that because the company's San Francisco headquarters was about 90% empty, its free-lunch perk cost it more than $400 per meal.

Persons: Handelsblatt, Elon Musk, —, Dirk Schulze, Musk, Alex Tourville, — Elon, Tesla Organizations: Berlin, Service, Metall, Bloomberg, Business, San, X's Locations: Germany, Tesla's, Fremont , California, San Francisco, Austin , Texas

☆ Volkswagen cuts 2024 outlook as car demand falters
▼ + stars: | 2024-09-27 | by ( ) www.cnbc.com time to read: +2 min

A VW Golf GTI stands in a parking lot within sight of the brand tower on the grounds of the VW plant in Wolfsburg, Germany. Volkswagen cut its annual outlook for the second time in less than three months on Friday, citing a weaker-than-expected performance at its passenger car division as pressure on Europe's top automaker continues to rise. The lowered outlook is the latest from Germany's car giants, with Mercedes-Benz and BMW both downgrading their annual forecasts earlier this month as a result of weakening demand in China, the world's biggest car market. Volkswagen said it was cutting its outlook "in light of a challenging market environment and developments that have fallen short of original expectations, particularly at the brands Volkswagen Passenger Cars, Volkswagen Commercial Vehicles and Tech. Porsche, the holding company of the Porsche and Piech families that holds most of the voting rights in Volkswagen and is the carmaker's single biggest shareholder, also cut its own outlook in the wake of Volkswagen's downgrade.

Persons: IG Organizations: VW, Volkswagen, Mercedes, Benz, BMW, IG Metall, Volkswagen Commercial Vehicles, Porsche Locations: Wolfsburg, Germany, China

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