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Asia Falls, Europe Opens Down (TM, HMC)

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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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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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