ASIA MARKETS: Stocks extend losses as auto bailout falls apart - Honda, Toyota shares plunge

[Zenlitened]

Source: MarketWatch.com

Asian markets tumbled Friday, with benchmark stock indexes in Japan and Hong Kong extending losses to slump more than 6% as investors sold off shares across sectors on word the $14 billion bailout deal to aid struggling automakers fell apart in the Senate Thursday night in the U.S.

The Japanese yen jumped against major currencies and crude-oil prices declined in electronic trading, after Senate Majority leader Harry Reid said the bailout package, which cleared the House of Representatives Wednesday night, fell apart in the Senate.

(snip)

In Tokyo, shares of Honda Motor Co. plunged 13.1% and Toyota Motor Corp. slumped 10.6%.nHyundai Motor Co. gave up 5.7% and Kia Motors Corp. lost 4.1% in Seoul. The automakers get a large part of their sales from the U.S, where Toyota is the second-largest seller, behind only GM.


Read more: http://www.marketwatch.com/news/story/Stocks-extend-losses-auto-bailout/story.aspx?guid={13BB9E7F-754B-4248-9D02-B762BE521DFF}

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Also see:

Toyota may cut production by 1 million vehicles in 2009

Toyota Corp. is planning to cut output by more than one million vehicles next year in anticipation of weak global demand, according to Japanese media reports.

Link:
http://www.marketwatch.com/news/story/Toyota-may-cut-production-1/story.aspx?guid={2AE6EDDB-2EF9-4135-8D0A-63F93E60DB43}

I wonder if this will affect Toyota's production facilities in the U.S.?

But hey, at least those Detroit unions got a finger in the eye!

:grr: :crazy: :grr:

[Zynx]

1. I hope those southern states choke on it.

I've hated their arrogant lectures about the "right to work" bullshit.

[Shardik]

4. Hey, there's a lot of Dems down here in the South.

Please don't throw the baby out with the bathwater. There are a lot of Union supporters down here, myself included.

OTOH, there's more ignorant Rush listeners and politicians like Shelby and Sessions. Plus, Seigelman is a Dem and he's still fighting the good fight.

[Dr.Phool]

6. Fuck 'em! Throw 'em out of the union. Concede the Civil War.

I'm fed up with these motherfuckers. I'll move back up north, as much as I love the Florida weather.

[tuckessee]

8. Nobody is stopping you, are they?

Need a AAA map? I'll give you one.

[lapfog_1]

16. We need to propose a national house/job swap.

Southern progressives/liberals/democrats/centrists can swap their homes and jobs for equivalent ones held by wingnut repukes in Northern (and mostly blue) states.

After a period of 2 years (to give y'all time to move), then we let the South "win" the war.

I'll miss Florida. But, hey, we can still visit (with a passport).

Oh, they don't get to keep anything nuclear. We wouldn't want reactionary idiots in Jesusland to try to rapture the world.

[Ex Lurker]

21. too damn cold up there n/t

[tblue37]

23. Not for long. (Global warming and all, y'know.) nt

[Lost River Ledger]

36. One of the biggest reasons.......

they love to have their plants in the US is that......Union or not...it is easier to fire an american worker than in their home country.

[muntrv]

2. Toyota, Honda, Hyundai, etc. need to bitchslap Sens. Shelby, Corker, McConnell, Demint.

[MilesColtrane]

3. Crap

Predictions on the Dow tomorrow?

-500 or more?

[Dr.Phool]

5. Dow futures for the morning are down over 330pts at midnight.

These motherfucking republicans would rather kill the entire economy, no the whole country, than let go of their failed ideology.

I for one, am sick and tired of this nation being driven backwards by a minority of religious fundamentalist, free market fascists.

Harry Reid and the Dems in the Senate had better assert themselves and their authority NOW, or this country is as good as dead.

[Raschel]

7. Check out this thread. These people don't care if our jobs and country are destroyed

as long as their "team" wins.

http://www.freerepublic.com/focus/f-news/2147309/posts

[OhioChick]

9. Those dumb asses will be crying

Once they see how many jobs this will take down the shitter.....including some of theirs.

[Raschel]

10. They think the cuts will stop at their jobs. Stupid fools. They'll be the next to make minimum wage.

[OhioChick]

11. Hope you don't mind....

I snagged your link to the "dark side" and posted it in GD.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4635416

[Raschel]

13. Thanks for the heads up, and I certainly don't mind. I say we call for an end to all health care and

pensions for the Kremlin/congressmen who have decided that autoworkers are paid too much.

[OhioChick]

14. 100% Agreement. n/t

[tblue37]

24. This says it all:

There won’t need to be a loan because the American auto industry will be dead. The South did indeed, rise again.

I sure hope you're right.

It really is all about "teams." They want the American auto industry to die, even though that will tank our economy even further, simply because the other "team" wants it to survive. As far as I can tell, there is no other reason for them to want a whole industry and the 10% of American jobs tied to it to disintegrate. A bit beyond the exchange above, again in reference to the notion that the American auto industry might fail, another poster says, "I pray that it will be so."

They think that destroying a whole industry in America is the way for the South to rise again.

This country is so broken.

[Tansy_Gold]

12. "Happy days are here again!"

:hi:


TG

[Raschel]

15. And what the heck, I purchased gas on the way to work and noticed on the way home it rose 23 cents.?

[Chipper Chat]

19. gas jumped 32 cents at the Speedway tonight (now 1.82 a gallon).

But I hustled and filled up 2 vehicles for 1.59 at the Marathon down the street REALLY QUICK.

[Raschel]

42. Good for you. I was filling up a little every day because gas kept going down. I missed it!

[Danascot]

41. OPEC president calls for severe production cuts - Oil surges 10%

That's why.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=114x50457

[Raschel]

43. Thanks. Does this mean it's going to keep going up now?

[MilesColtrane]

17. Reid couldn't whip enough votes up on whether or not the sun was shining at noon.

The NYSE will resemble an abattoir tomorrow.

[olegramps]

34. I had to look up abattoir.

I think slaughter house is more descriptive.

[regnaD kciN]

20. I predict a loss of AT LEAST 600 points tomorrow...

...and possibly even 1,000 if panic takes hold.

:scared:

[PinkoDonkey]

18. I didn't think it was possible...

to hate the GOP any more than I already did. I just reached a new level with the failure of the auto bailout.

These free market fundamentalists have as much credibility as Stalinists (no offense meant to the commies around here).

Anyone else up for a general strike?

There's not going to be much of a nation left for Obama to change at this rate.

:mad: :mad: :mad:

[Rhiannon12866]

22. The whole world is going right down the toilet with us...

:hurts:

[elleng]

25. You are too polite;

Down the CRAPPER!

[Rhiannon12866]

26. LOL! You've got that right!

I was going to say "the sewer," but I wanted to match the smilie...:D

[xchrom]

27. recommend -- buckling your seat belts -- it's gonna be a rough ride. nt

[BelgianMadCow]

28. Strange, really. Did these carmakers expect part of the bailout or what?

If the big three go / are resized, more power to them I'd venture.

The imbalance between the auto loan and the wall street bailout is MINDBOGGLING.

[Blue Gardener]

29. I will absolutely affect Toyota, Honda etc.

I work for an automotive supplier that supplies to the big three, and the Asian auto companies. If the company I work for goes under, and a large number of other suppliers who are in the same boat, Toyota and Honda are going to have MAJOR problems getting product to build cars. There are already suppliers going belly-up on an almost daily basis.
We can't lose half our business and expect to survive. Nobody can.

[Ganja Ninja]

38. It will have a broad effect across the entire economy.

It doesn't matter what industry you work in. It's been said that for every job lost in the auto industry 7 more are lost in in the economy as a whole. Whether it be a part supplier, a trucker or someone who works in the general retail sector such as clerks, waitress or construction workers. The people who work for Toyota and Honda need to realize that all of those people, including GM and Ford workers are potential customers for their products. Put them out of work and they'll be putting themselves out of work.

[chelsea0011]

30. Yes to wage consessions!

Start with the Senate. Cut their wage and benefits.

[Omaha Steve]

31. Why not tax cars built here

That are owned by companies outside the US?

[Lost River Ledger]

37. It violates WTO agreements.

[acmavm]

32. How long before Bitch McConnel and Dickhead Shelby go to Paulson

and demand bailout money for Toyota?

[cal04]

33. World markets plunge as U.S. auto bailout fails

http://finance.sympatico.msn.ca/investing/news/businessnews/article.aspx?cp-documentid=15877430

World stock markets plunged Friday as the U.S. Senate's rejection of a $14 billion deal to rescue Detroit's ailing automakers stoked concerns that the recession in the world's largest economy will be even longer and deeper than projected.

The FTSE 100 of leading British shares was down 127.87 points, or 2.9 per cent, at 4,260.82, while Germany's DAX fell 185.22 points, or 3.9 per cent, to 4,581.98. The CAC-40 in France fell 130.48 points, or 4.0 per cent, to 3,175.65.

Earlier, Asian markets tumbled, with Japan's Nikkei 225 stock average down 484.68 points, or 5.6 per cent, to 8,235.87. Hong Kong's Hang Seng index slid 5.5 per cent to 14,758.39.

U.S. stock index futures pointed to a big sell-off later on Wall Street. The Dow Jones industrial average was projected to drop 259 points, or 3.0 per cent, to 8,311, while the broader Standard & Poor's 500 index was forecast to fall 32.90 points, or 3.8 per cent, to 841.60.

[Lifetimedem]

35. Those dumb Republicans

Do not realize that half of the Republican base ( religious conservatives) is either union or connected to autos somehow..

They also do not understand the asian mindset.

Karma is a terrible thing to waste

[nuxvomica]

39. The Republicans failed to learn their lesson

They are continuing with their failed union-busting ideology when events have moved passed all that. Now is the time for pragmatism, not doctrinaire posing, and they have lost any ability to approach issues in that fashion. One of the things that may be different about this depression over the one in the 30s is that there won't be a Republican Party emerging out of this one.

[wizstars]

40. Deepening Global Recession--brought to you by Senate Repiglicans

May the burn in he11 for the misery they are causing.