Ford's (F) plans to slash 10% of its staff not only deal a direct blow to President Donald Trump's pledge to protect U.S. manufacturing jobs but also suggest continued weakness in global auto demand, notes Northern Trust Capital Markets' head of Asia research Douglas Morton. Morton argues that doesn't bode well for Toyota (7203.JP).
Photographer: Tomohiro Ohsumi/Bloomberg
And Morton notes weak demand could be only the beginning of Japanese car maker's woes.
Toyota shares are down 12.5% this year and trade at 10 times forward earnings, which is in line with its five-year average level.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
