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The Australian - US stocks fell as another drop in oil prices and a warning from Toyota Motor underscored the unsparing nature of the slowdown.
Toyota forecast an operating loss for the current year, the first in the car maker’s history. The Japanese giant was thought to have developed a watertight strategy that would yield profits through thick and thin, making it the subject of managerial guides like the 2004 book The Toyota Way.
But the spreading recession caught up on Toyota, too, and it blamed a slump in the global automobile market and a sharp appreciation in the Japanese yen against major currencies for a likely loss. American depositary shares of Toyota fell $US3.50, or 5.45 per cent, to $US60.88.
General Motors was by far the weakest stock on the Dow Jones Industrial Average, falling US97 cents, or 22 per cent, to 3.52. Analysts warned that the Government rescue measure may not be enough to keep the car and truck maker out of bankruptcy court.
USA Today - It is last call for investors to ask for their money back from poorly performing hedge funds. Whether that is a bullish or bearish sign for battered stocks is anyone’s guess.
Wall Street hopes the passing of the Nov. 15 deadline — the last day for many investors to make a request to redeem hedge fund shares payable at year’s end — could mark the beginning of the end of "forced selling" by funds to raise cash. If the selling recedes, it could help lift some of the downside pressure on stocks. Forced selling has been blamed for sharp stock price swings and plunging asset values in the financial crisis.
Investors have redeemed an estimated $85 billion from hedge funds through the end of the third quarter, says Charles Gradante, co-founder of hedge fund adviser Hennessee Group.
MarketWatch - For the first time in 17 months, hedge funds in July made more bets on oil prices falling than rising, according to the latest government data.
Short positions from noncommercial investors, hedge funds and other large investors that don’t actually take delivery of oil, surpassed long positions in July for the first month since February 2007, data from the U.S. Commodity Futures Trading Commission showed. Short positions are bets on falling prices while long positions bet on rising prices.
"We are seeing a significant retrenchment of bullish appetite among funds," said Edward Meir, an analyst at futures brokerage MF Global. "The price bias still favors the downside."