Industrial Shares Steady as Traders Weigh U.S. Economic Outlook

Federal Reserve Governor Christopher Waller raised the possibility of a 50-basis-point rate hike at the central bank’s December meeting, adding to uncertainty over the economic outlook.

Porsche, the sports-car maker and one of Volkswagen’s largest shareholders, said the German automaker must act quickly to reduce costs and improve profitability. Volkswagen’s earnings were affected by impairments on its investment, Porsche said.

Defense company Hensoldt forecast revenue of roughly $11.14 billion by the middle of the next decade. The company is counting on continued heavy security spending by U.S. and European governments following a series of major wars.

In Canada, Prime Minister Mark Carney called Stellantis’ sale of its Toronto-area factory “unacceptable.” Carney, whose government is prepared to use available legal and policy levers to protect workers, said roughly 2,000 people are affected.