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From Ferrari To Ford – Global Auto Stocks Are Crashing

Summary:
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 ...

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In Italy, Ferrari and Pirelli plunged and were halted Limit-down... with China cracking down on luxury goods and broader auto fears...

From Ferrari To Ford - Global Auto Stocks Are Crashing

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...

From Ferrari To Ford - Global Auto Stocks Are Crashing

 

US Autos are worse - trading at their aggregate weakest since Dec 2012...

From Ferrari To Ford - Global Auto Stocks Are Crashing

With Ford trading with an $8 handle at its lowest since Nov 2009

From Ferrari To Ford - Global Auto Stocks Are Crashing

 

And GM at its weakest since Trump's election...

From Ferrari To Ford - Global Auto Stocks Are Crashing

As US Auto sales start to slump...

From Ferrari To Ford - Global Auto Stocks Are Crashing

Does any of that look like a global recovery that is "plateauing" as The IMF now claims... or is it crashing?

From Ferrari To Ford - Global Auto Stocks Are Crashing

Tyler Durden
Tyler Durden (a pseudonym) represents the idea that a return to truly efficient markets is a possibility and a necessity. After having experienced the inner workings of capitalism at various asset managers and advisors, Tyler believes that the current model is flawed and a deleveraging at every level of modern society is needed to reinspire the fundamental entrepreneurial spirit. Visit his blog: ZeroHedge (http://www.zerohedge.com/)

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