Goldman Sachs has reported a higher second-quarter profit, as it benefited from a sharp decline in expenses and more activity in some parts of the fixed-income markets, but most of its businesses came under pressure.

Shares in Daimler rose after the company solidified its lead in the luxury-car market and said it’s confident of reaching this year’s underlying profit goals, despite more than €1bn in one-time costs in the second quarter.

Shares in Fiat Chrysler slumped to a three-month low as its fight with Germany over vehicle emissions escalated after the country’s most-read newspaper reported that the authorities found that the company had cheated.

Volkswagen lost almost a quarter of its market value after it admitted to cheating on US air pollution tests for years, putting pressure on chief executive Martin Winterkorn to fix the damaged reputation of the world’s biggest car maker.

In 2014, European car sales rose for the first time in seven years as buyers replaced aging vehicles with low-cost ones. The market’s revival from a two-decade low is set to continue in 2015.