Shares of industrial and transportation companies fell as relentless growth of Covid-19 cases in the most populous U.S. states derailed bets on a rapid recovery.
German industrial production increased by 7.8% in May as restrictions to contain the spread of the coronavirus pandemic eased. Moody's warned that a glut in capacity and economic weakness would weigh on shipping rates for 18 months, as reported earlier.
Canadian National Railway moved a record amount of Canadian grains in the first half of 2020, transporting 15 million metric tons of grain for the year through June 30.
Airbus said it would cut 15,000 jobs across its commercial aircraft division, the biggest restructuring in the plane maker's history, citing what it expects to be the Covid-19 pandemic's yearslong impact on the aviation sector.
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