In Italy, Ferrari and Pirelli plunged and were halted Limit-down... with China cracking down on luxury goods and broader auto fears…
As Bloomberg reports, Autos “preannouncement gloom continues,” according to a note from Evercore ISI says, adding that as feared “we are testing the floor as the group traded down again yesterday on negative news from coating provider PPG,” which has ~35% exposure to Automotive OEM, Parts & Aftermarket, according to the brokerage.
Additionally, Evercore ISI notes that 2H18 will be “ugliest reporting season” for suppliers since 2015.
European Autos are trading at their lowest levels of the Trump era…
US Autos are worse – trading at their aggregate weakest since Dec 2012…
With Ford trading with an $8 handle at its lowest since Nov 2009
And GM at its weakest since Trump’s election…
As US Auto sales start to slump…
Does any of that look like a global recovery that is “plateauing” as The IMF now claims… or is it crashing?
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