Volkswagen’s (VLKAY) CEO Martin Winterkorn has resigned after a massive scandal broke involving diesel software that gamed emissions test. The automaker has admitted more than 11 million diesel vehicles are affected. Stocks struggled for direction in choppy trading. Poor factory data out from China underscored fears of a slowdown. Manufacturing activity in the world’s second-largest economy dropped to a six-year low. Factory activity in the U.S. wasn’t looking too flash either. A manufacturing gauge remained unchanged in September, hovering at its lowest level since October 2013. Domestic manufacturers have suffered a stronger dollar and weaker global demand.
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