The crisis surrounding the lowering of the rating of U.S. debt by Standard and Poor's last Friday, was felt on the stock markets from opening to closing yesterday, and car manufacturers are no exception to it.
In Asia, Europe and the United States, the end result is exactly the same: investors were won over by panic. The largest automakers have therefore seen their shares melt like snow in the sun.
Portrait as of yesterday (estimations)
While many analysts of the financial world fear another recession, not too long after the 2009 debacle that placed Ford, GM and Chrysler in a precarious position, President Obama held yesterday a press conference in which he tried to be reassuring.
According to him, "the current economic problems can be resolved quickly” and his administration "knows what to do to solve them". Yesterday marked the worst performance of the Dow Jones since December of 2008.
However, there is still some positive news for motorists in this situation after all. Oil prices are also down, foreshadowing a decline at the pump in the near future.
Source : USA Today
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| Photo: Philippe Champoux/Auto123.com |
In Asia, Europe and the United States, the end result is exactly the same: investors were won over by panic. The largest automakers have therefore seen their shares melt like snow in the sun.
Portrait as of yesterday (estimations)
- BMW: -14.7%
- Chrysler: -14.1%
- Volkswagen: -11.9%
- Ford and GM: -8%
- Nissan: -5.4%
- Toyota: -4%
- Dow Jones Industrial average : -3%
While many analysts of the financial world fear another recession, not too long after the 2009 debacle that placed Ford, GM and Chrysler in a precarious position, President Obama held yesterday a press conference in which he tried to be reassuring.
According to him, "the current economic problems can be resolved quickly” and his administration "knows what to do to solve them". Yesterday marked the worst performance of the Dow Jones since December of 2008.
However, there is still some positive news for motorists in this situation after all. Oil prices are also down, foreshadowing a decline at the pump in the near future.
Source : USA Today