Afternoon Coffee: VW Value Crashes, Oil Prices Rise

Volkswagen’s market value plummeted $16.9 billion after the US Environmental Protection Agency reported the carmaker cheated on its emission tests. VW reportedly used software in its cars to manipulate emissions tests.

Oil prices jumped as much as 3% today after gasoline prices increased and US drillers cut back on production. A fire at an Ohio oil refinery also contributed to today’s gains in oil prices.

A new survey of Chinese executives shows China’s economy was actually fairly steady during the third quarter of the year. The China Beige Book report said China’s capital expenditures and jobs increased during the 3-month period.

Peanut Corporation’s former company executive Stewart Parnell faces sentencing today for his 2014 conviction related to the salmonella outbreak that sickened more than 700 people. Parnell could be sentenced to life in prison. 

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