Here are news stories, press reports and events to watch which may affect the auto industry, transportation and energy markets on Tuesday.
WORLD OIL PRICES
Brent futures held steady above $115, underpinned by supply concerns after the European Union slapped more sanctions on Iran, while ample supplies and healthy inventory at top consumer the United States capped gains.
VOLKSWAGEN, BMW, DAIMLER
Europe’s new car market shrank at the fastest pace in the past 12 months in September, leaving nearly all major brands nursing double-digit declines as a deepening recession in the euro zone took its toll on carmakers.
Spain’s competition watchdog and energy regulator urged increased competition in the country’s petrol market in two reports on Monday that warned of high distribution margins among the sector’s three main players. British oil major BP and Spain’s Repsol and Cepsa control the country’s national fuel production.
BP – The oil major is the subject of persistent rumours in the darker corners of the city with conspiracy theorists whispering in hushed tones of a potential carve up of the company between french firm Total and UK peer Royal Dutch Shell
GKN – The car and plane parts maker GKN said a sluggish European automotive market weighed on third quarter profit and that a continued slump could impact the group for the remainder of the year.
U.S. farm and construction equipment maker CNH rejected the terms of a proposed merger with Italy’s Fiat Industrial, a setback for Chairman Sergio Marchionne’s plans for a U.S. listing.
Standard & Poor’s said on Monday it had revised its outlooks on Enelb and its Spanish subsidiary Endesa, to negative from stable following its lowering of the sovereign ratings on Spain.
The French aerospace group said it had agreed to buy the electrical power systems activities of Goodrich, owned by United Technologies, for approximately 310 million euros ($401 million) in cash.
Uganda may have to further delay licensing of new oil exploration blocks due to a standoff between parliament and ministers that has held up the passage of legislation to regulate the sector.