Global semiconductors are in short supply and the European automotive industry has been hit the hardest, leading to a shortage of 18mn vehicles. The automotive sector needs future policy support to avoid further losses since vehicles are becoming more 'semi-intensive'.

With the post pandemic party coming to a close, the momentum that earnings held in the first half of 2022 is fading. Higher interest rates are pushing up interest expenses, and in many countries, companies are starting to burn cash.