Auto Industry, Energy, Transportation: Factors To Watch on October 23 image

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
Oil price rises on Middle East conflict fears; Crude rebounded in Asia today as traders returned to the market after prices plunged on oil demand fears, analysts said.
Benchmark oil for December delivery was up 40 cents to $89.05 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange.

The German premium carmaker said it aims to invest more than 200 million euros ($261.41 million) in a new plant in Joinville, Brazil, in the state of Santa Catarina. Plans call for a capacity of about 30,000 vehicles per year with production slated to begin in 2014.

Rival tyre maker Michelin said revenue rose 5.7 percent in the third quarter as buoyant pricing and currency effects helped to offset a decline in sales volumes.

The automotive cable and wiring supplier warned on Monday that a weak car market would push its 2012 revenue and profit targets below expectations.

Micronas : Owing to the general weakness of the car industry, sales of about CHF 167 million are now expected for 2012.

The Danish oil and shipping group said on Tuesday its Maersk Drilling unit had signed a contract worth $694 million for one of its new build drillships.

The French auto parts maker controlled by PSA Peugeot Citroen cut its full-year earnings forecast as European auto production slows.

The troubled French automaker may need state backing for its car loans arm as soon as this week because publication of the group’s quarterly sales on Wednesday may trigger debt rating downgrades.

The French tyremaker said quarterly revenue grew 5.7 percent and raised its cash-flow target for a second straight month as strong pricing and currency effects offset a decline in sales volumes.