Shares in the French train maker decreased by as much as 36 per cent, to a low of €14.72, wiping out roughly €3 billion of its market value by mid-morning, before closing at €16.64. In a preliminary earnings release, Alstom said its core profit margins were at roughly six per cent, one per cent lower than its seven per cent forecast. (Financial Times)

Talking point: Alstom’s cash flow problems stem in part from the company’s $3.6-billion acquisition of Montreal-based Bombardier Transportation in 2021, which fattened its order book but delayed deliveries. In January, the federal and Ontario governments announced they would manufacture 55 Toronto subway trains at Alstom’s Thunder Bay, Ont., plant, with 55 per cent Canadian content.