Issue link: https://maltatoday.uberflip.com/i/1467489
Name Current Change %Change Open High Low Prev. Value Close US MARKETS NASDAQ 13,037.49 -344.03 -2.57 13511.75 13533.78 13032.17 13381.52 EUROPEAN MARKETS FTSE 7,251.31 -246.87 -3.29 7498.18 7498.18 7243.44 7498.18 CAC 6,451.79 -328.88 -4.85 6496.25 6617.09 6433.51 6780.67 DAX 13,854.52 -776.84 -5.31 13989.41 14221.71 13826.70 14631.36 ASIAN MARKETS SGX Nifty 16,141.00 -109.00 -0.67 17052.50 17115.00 15500.50 17063.00 Nikkei 225 25,970.82 -478.79 -1.81 26281.35 26357.58 25775.64 26449.61 Straits Times 3,276.06 -116.94 -3.45 3351.24 3363.17 3248.93 3393.00 Hang Seng 22,901.56 -758.72 -3.21 23268.03 23376.37 22786.39 23660.28 Taiwan Weighted 17,594.55 -461.18 -2.55 17939.53 17939.53 17561.07 18055.73 KOSPI 2,648.80 -70.73 -2.60 2689.28 2694.55 2642.63 2719.53 SET Composite 1,662.72 -33.73 -1.99 1683.92 1690.50 1656.62 1696.45 Jakarta Composite 6,817.82 -102.24 -1.48 6912.48 6929.91 6758.86 6920.06 Shanghai Composite 3,429.96 -59.19 -1.70 3474.37 3486.98 3400.21 3489.15 12.5.2022 7 MARKETS International Markets Global Indices Trading Date: 11 April 2022 Toyota slumps on pessimistic outlook, 'unprecedented' costs TOYOTA Motor Corp. shares fell the most in two months after the carmaker forecast a lower operating profit outlook for the cur- rent year, citing an "unprec- edented" rise in costs for logistics and raw materials that are negating the bene- fits of a depreciated yen. e shares of Toyota fell as much as 5.9%, the biggest intraday drop since March 7, after the world's largest automaker forecast an op- erating profit of 2.4 trillion yen ($18.4 billion) for the fiscal year through March, short of analysts' average projection for 3.4 trillion yen and profit of 3 trillion yen for the just-ended pe- riod. Although Toyota is known for issuing conservative guidance, its tepid outlook took investors by surprise. In recent months, Toyota's sales have kept up a strong pace, leading the automaker to post its second-highest unit sales ever for the year ended March. Toyota's results are also being buoyed by a sharp de- cline in the value of the yen, which increases the value of earnings it brings back from overseas sales. "It's going to be a chal- lenge," said Satoru Aoyama, senior director of Asia-Pa- cific corporates at Fitch Ratings. "ere are many factors that are compiling to create a negative trend." Despite issuing a profit outlook below estimates, Toyota is predicting higher vehicle sales for the cur- rent fiscal year, with a tar- get of 10.7 million units, compared with 9.5 million for the period that ended March. Net sales for the year will climb about 5% to 33 tril- lion yen, Toyota said, short of analysts' prediction for 34.7 trillion yen. e com- pany is also buying back as much as 1% of its shares for 200 billion yen. Industry analysts have been warning of a growing number of risks related to both automotive supply and demand in the coming year. Global car production is facing further disruptions after more than a year of shortages of automotive semiconductors. In March, IHS Markit downgraded its output forecast for the current calendar year in order to factor in the im- pact from Russia's invasion of Ukraine, then revised it down further last month in response to the fallout from Covid-related lockdowns in China, along with other mounting risks. Others are warning of po- tential shocks to demand. Jefferies Financial Group Inc. sees expectations for Toyota's earnings as being "too bullish" for the current fiscal year. e aggravation of cost inflation due to the Ukraine crisis and a potential slow- down in global economic growth will probably cause "considerable damage" to the auto sector overall, ac- cording to analyst Takaki Nakanishi.