HONG KONG (Reuters) - Asian shares and U.S. stock futures slumped on Monday, while safe-haven U.S. Treasuries gained after the Obama administration's autos task force rejected turnaround plans for troubled automakers GM and Chrysler.
Monday's announcement by the White House autos panel marked a stunning reversal for management at the two U.S. companies, and raises the prospect of bankruptcies that could further debilitate the already ailing U.S. economy.
The yen gained, benefiting from the sudden spike in risk aversion, which threatens to cut short a rally in stocks worldwide driven by signs the global economy may be near a bottom. Markets had also gained on hopes a U.S. government plan to cleanse banks of toxic assets will put the world financial system on a stronger footing.
The MSCI index of Asia-Pacific stocks outside Japan .MIAPJ0000PUS extended losses and was down 3.7 percent by 0500 GMT, eating into gains that sent the gauge up 26 percent since its 2009 low on March 4 to the end of last week.
U.S. stock futures were also hit, with the S&P 500 down 1.7 percent. Japan's Nikkei average .N225 fell 2.7 percent.
The U.S. autos task force determined that the turnaround plans submitted by General Motors Corp (GM.N) and Chrysler LLC could not ensure their viability.
As a result, instead of granting GM's request for up to $30 billion in loans, the administration only pledged to fund GM's operations for the next 60 days.
News on the U.S. auto firms comes ahead of a busy week that will feature the G20 gathering in London, a policy meeting by the European Central Bank, and employment data in the United States. more...
Tidak ada komentar:
Posting Komentar