TOKYO: Asian shares steadied on Thursday on news that U.S. President Donald Trump is planning to delay tariffs on auto imports, providing much needed relief to markets hit by a flare-up in trade tensions and on weak U.S. and Chinese economic data.MSCI's broadest index of Asia-Pacific shares outside Japan was flat, with both Australia and South Korea little changed.Japan's Nikkei fell 0.6per cent, with banks hurt by weak earnings.On Wednesday, Wall Street shares extended their rebound, with the S&P 500 gaining 0.58per cent and the MSCI's broadest gauge of world stocks bouncing back from a two-month low hit on Tuesday.The uptick came after three administration officials told Reuters on Wednesday that Trump is expected to delay a decision on tariffs on imported cars and parts by up to six months.Hyundai Motor jumped more than 5per cent but reaction in Japanese carmaker shares was muted.Also on Wednesday, less than a week after Washington slapped higher tariffs on US$250 billion … [Read more...] about Asian shares win reprieve as Trump seen delaying auto tariffs
Cincy auto sales
News World stocks gain after Trump auto-tariff delay
NEW YORK -- US and European stock indexes gained on Wednesday after news that US President Donald Trump planned to delay tariffs on auto imports, offsetting earlier pressure on equities from weak US and Chinese economic data that helped depress bond yields. Trump is expected to delay a decision on tariffs on imported cars and parts by up to 6 months, 3 administration officials told Reuters. Fears about an escalating global trade war, particularly following a spike in US-China tensions, have rattled markets over the past week. Meanwhile, US Treasury Secretary Steven Mnuchin said he would likely travel to China soon to continue talks as Washington and Beijing seek to resolve their months-long trade war. Major US and European stock indexes ended higher after falling earlier in the session. On Wall Street, the Dow Jones Industrial Average rose 115.97 points, or 0.45 percent, to 25,648.02, the S&P 500 gained 16.55 points, or 0.58 percent, to 2,850.96 and the Nasdaq Composite added 87.65 … [Read more...] about News World stocks gain after Trump auto-tariff delay
Nissan faces long, rocky road to cut US discounts, rental sales
DETROIT/TOKYO: Nissan Motor Co Ltd said on Tuesday it had hit "rock bottom" with a 45per cent drop in annual operating profit. The automaker's troubles in the United States, including a failure to deliver on a slew of promises to dealers, are a major reason why.Nissan's U.S. operations, once a big contributor to its international sales and profit, are now emblematic of its global challenges. Under ousted chairman Carlos Ghosn, Nissan's U.S. operations gunned for ambitious sales goals by pitting dealers against each other in a battle for sales bonuses, and cranking up sales to fleets, dealers said.Speaking to reporters on Tuesday, Chief Executive Officer Hiroto Saikawa said U.S. profit margins had hit a low level of between 1per cent and 2per cent.He acknowledged Nissan had failed to honor its promises and aimed to bring its fleet sales down to 15per cent to 17per cent of total sales by around 2022 - from a high of around 40per cent in the first quarter. Bulk sales to rental-car fleets … [Read more...] about Nissan faces long, rocky road to cut US discounts, rental sales
China auto sales slump continues in April
SHANGHAI: China car sales fell 14.6 per cent in April, an official industry association said on Monday (May 13), extending a slump in a massive auto market that has long been a cash cow for the industry.Sales fell to 1.98 million last month, according to figures from the China Association of Automobile Manufacturers (CAAM).Fuelled by rising incomes and government sales incentives, China in recent years has surged to become the world's largest automotive market and one of its fastest growing, prompting global manufacturers to stake their futures on it.But after years of strong growth, car sales fell last year for the first time since the 1990s, hit by a slowing domestic economy, trade tensions with the United States, and a Chinese crackdown on shady credit practices that have crimped car-financing channels.Sales had dipped 2.8 per cent in 2018 to 28.1 million units, according to previous CAAM figures, and the decline has accelerated into 2019.Analyst say the ongoing slump has been … [Read more...] about China auto sales slump continues in April
Organisers upbeat on FAST Auto sales
Event organiser Pattanadesh Asasappakij said 11 automobile and motorcycle companies, along with 18 used car dealers will be present at the four-day event, which is expected to attract 250,000 visitors. Approximately 2,000 orders are expected for new cars while 1,000 used cars would also be sold, Pattanadesh said. The veteran auto critic and show organiser said political stability in Thailand would help boost the event. “It will raise consumer spending to boost the Thai economy and in turn help push growth of the Thai automobile industry,” he said “Meanwhile, automobile companies are continuing their launch of new products and sales campaigns throughout the year,” he said. “Organisers of the FAST Auto Show Thailand 2019 want the venue to be a place for buyers and sellers of both new cars and used cars. They can all come here. There are many show supporters who will help you achieve your goals and everyone will be satisfied. There will … [Read more...] about Organisers upbeat on FAST Auto sales