Plenty of Negative News for Financial Markets
The USD index is up more than 0.6%, and yesterday’s rally in equities appears to have been stopped dead in its tracks by growing doubt at GM that the storied automaker can remain a going concern if it cannot generate cash and stop the bleeding of red ink in very short order. Contained within the filing of its 2008 annual report to the US Securities and Exchange Commission, GM stated that there is “no assurance that the global automobile market will recover or that it will not suffer a significant downturn.” The firm has requested access to $30 billion USD in emergency funding from the federal government just to survive the coming period, and with sales of its product continuing to plummet around the globe, the situation couldn’t be more dire. GM stock is trading down more than 7% ahead of the opening bell. Read Full Article »
