Volkswagen surprisingly launches a profit warning that hits automotive stocks across Europe. The German auto giant trimmed its medium-term outlook for operating profit and sales, explaining the cause of the revision was the slowdown of German industry.
In particular, now for the five-year period 2016-2020 VW expects operating profits up by at least 25%, while in previous estimates there was talk of "over 30%".
Volkswagen has also cut its forecasts on the medium-term sales growth, which went from over 25 to 20%.
After the profit warning from Wolfsburg, a wave of sales hit the entire European auto sector. L'Euro Stoxx 500 index of the car it is down by 1,4% and is the worst among different sectors in Europe.
The title of Volkswagen loses 3%, but sales are penalizing all major manufacturers, from fca (-2,3%) to his betrothed Peugeot (-2,7%), passing through Renault (-1,2%), Continental (-1,4%) And Daimler (-1%).
This pending clarification of the scope of the possible agreement on US-China duties, one of the aspects that most penalizes the stock exchange performance of the sub-fund's securities.
