An S&P downgrade of several large US banks and lack of progress on eurozone bailout plans knocked Asia stocks lower. The Nikkei 225 was off .51% to 8,435. The Hang Seng dropped 1.46% to 17,989.
Nissan CEO Carlos Ghosn warned that the yen’s value could further damage earnings. According to MarketWatch, he called for the Japanese government to intervene. Shares of Honda (NYSE: HMC) has been hurt badly along with those of Toyota (NYSE: TM) both because of the yen and interruption in production because of the Japanese March earthquake
In Europe, markets were down at the open. The FTSE 100 fell .75% to 5,297. The UK government said GDP growth will be too weak for the nation to reach its deficit reduction goals. Yesterday it released a plan which called for more austerity measure and futher government cuts.
The DAX was down .74% to 5,757. The region continues to look to Germany for bailout facilities. The EU’s largest ecomomy faces a sharp slowing of the economies of its neighbors which could hurt Germany’s essential export business
Douglas A. McIntyre
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