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Despite top U.S. automakers executives assuring an undisrupted factory production, fears of a slowdown in sales growth of the car industry in the United States is a recurring theme among forecasts of economic analysts.
The big three automakers in the U.S., General Motors Co, Ford Motor Co, and Fiat Automobiles NV reported a continuous, undisrupted production in their factories in the U.S. as affirmed by their respective top officials.
In spite of the virus outbreak, these firms avoided operation shutdowns as their parts are already on their way, with their suppliers shifting to air shipments, according to some industry consultants.
GM and Ford shares, however, decreased by 4.1% and 5.5% respectively, compounding disappointments on Wednesday trading with the S&P 500 Index dropping by almost 5%.
Analysts lowered their sales growth forecast in the U.S. for 2020 in light of the virus outbreak. Adam Jonas, a Morgan Stanley analyst said he expects the U.S. auto sales to suffer a 9% dip this year, anticipating large purchases delay among consumers. Before the COVID-19 outbreak, he had forecast a 1-2% sales decrease.
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
The dollar was briefly lifted on Thursday after the U.S. Federal Reserve offered no concrete clues about its next course of action, while investors hoped for an easy policy as the coronavirus resurgence stalled economic recovery. The dollar ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
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