Volkswagen shares up on results

Volkswagen’s first-half earnings exceeded market expectations, sending its shares up the most in three months, as its namesake car brand showed signs of recovering from the emissions-cheating scandal and started to benefit from cost cuts.

The shares rose 4% in Frankfurt, paring their losses to 7% this year. The company is valued at €64.5bn.

Operating profit before special items rose to €7.5bn in the first six months of 2016 from €6.99bn a year earlier.