- Title: European shares fall the day after Germany's diesel summit
- Date: 3rd August 2017
- Summary: FRANKFURT, GERMANY (AUGUST 3, 2017) (REUTERS) EXTERIOR OF FRANKFURT STOCK EXCHANGE WIDE OF TRADING FLOOR TRADERS AT WORK DAX GRAPH TRADERS LOOKING AT COMPUTER MONITORS TRADER'S EYES TRADING BOARD SHOWING DAX INDEX TRADER LOOKING AT MONITOR VARIOUS OF BANK SHARES TRADERS WORKING WITH TRADING BOARD IN BACKGROUND TRADER VARIOUS OF TRADING BOARD SHOWING SHARES OF CAR MANUFACTURERS (SOUNDBITE) (German) HEAD OF CAPITAL MARKET ANALYSIS AT BAADER BANK, ROBERT HALVER, SAYING: "We will have general elections soon, so the politics and the automotive industry are the winners at the moment. But we all know that these software updates won't be enough, the 'diesel inquisition' by the environmental agencies will continue, driving bans are still imminent. We need two things: Firstly, hardware updates, which of course are much more expensive than software updates, but what is far more important is to not only to upgrade, but also prepare for the future. E-mobility, digitalisation, we need to get there and I don't hear enough about it yet, we still encourage late-Roman decadence and we have to get out of it. Advance through technology, this is our trade mark, which we need to achieve again." MORE OF TRADERS DAX INDEX (SOUNDBITE) (German) HEAD OF CAPITAL MARKET ANALYSIS AT BAADER BANK, ROBERT HALVER, SAYING: "You cannot hand out nose clips to the owners of old diesel cars and say: You don't smell anything. Of course, you still smell it. The problem still exists, this means you have to further develop the diesel technology and this is possible. There is no country like Germany in the world, which talks dead its own technology. Diesel has a future, but is has to be developed further. It is crucial that new cars contain new emission technology. We can achieve this, so it shouldn't be talked dead." VARIOUS OF TRADER DAX INDEX (SOUNDBITE) (German) HEAD OF CAPITAL MARKET ANALYSIS AT BAADER BANK, ROBERT HALVER, SAYING: "Driving bans are still a big threat, courts will decide on it, nor the automotive industry, neither politics. And then we face a big problem, which means we are going to have 'automotive summits' also in the future and of course they will also focus on hardware updates and upgrades, which will be far more expensive. Car makers have to pay this themselves otherwise this would mean the disapprobation of the drivers and we don't live in a socialist system, or do we?" TRADERS TRADING BOARD SHOWING DAX INDEX CHANGES (SOUNDBITE) (German) HEAD OF CAPITAL MARKET ANALYSIS AT BAADER BANK, ROBERT HALVER, SAYING: "Trump's foreign policy is a lucky bag. You open it, but you don't know what is in there. We are talking about the world power number one, the USA, and not a small, insignificant state. It should be clear which relationship one wants to have with Russia. Are they liked or not and how should they work together? This ping-pong game is not appropriate for the USA. Some banana republic can do this, but not the USA. And so, the rest of the world is suffering. We need a leading power that actually is being led." MORE OF TRADERS TRADING BOARD TRADING FLOOR
- Embargoed: 17th August 2017 10:09
- Keywords: European stocks shares stock exchange diesel summit Russia sanctions protest
- Location: FRANKFURT & BERLIN, GERMANY
- City: FRANKFURT & BERLIN, GERMANY
- Country: Germany
- Topics: Economic Events
- Reuters ID: LVA0016SLROZR
- Aspect Ratio: 16:9
- Story Text:Germany's DAX index fell on Thursday (August 3), a day after German politicians and car bosses agreed to overhaul engine software on 5.3 million diesel cars to cut pollution and try to repair the industry's battered reputation.
However, environmentalists said the plan - almost two years after Volkswagen admitted to cheating U.S. diesel emissions tests - was too little, too late, and vowed to press ahead with legal action aimed at banning polluting vehicles.
Baader bank's head of capital markets analysis, Robert Halver, told Reuters TV at the stock exchange in Frankfurt that German car makers should invest more into new technologies to reduce diesel emissions.
Chancellor Angela Merkel's government has come under mounting pressure for not doing enough to crack down on vehicle pollution and for being too close to powerful carmakers.
The issue has become a central campaign topic ahead of next month's national election, prompting the government to summon car bosses to try to avert moves in some cities to force bans on diesel vehicles. - Copyright Holder: REUTERS
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