DislikedJust found out about this. More doom and gloom for the Australian economy as Toyota are due to cease production there. Tokyo - Toyota said Monday it would stop making cars in Australia in a move that would leave the country with no auto manufacturing, despite appeals by Prime Minister Tony Abbott. The Japanese auto giant, the world’s biggest vehicle maker, said production of vehicles and engines would stop at the end of 2017, throwing into doubt 3,900 jobs at its Altona plant in a Melbourne suburb and another 150 jobs at a separate design facility....Ignored
Toyota's decision follows the planned exits of General Motors (GM.N) and Ford Motor (F.N) announced last year and would leave no global automaker remaining in Australia as high costs and a strong currency make it an unattractive production base.
"We did everything that we could to transform our business, but the reality is that there are too many factors beyond our control that make it unviable to build cars in Australia," Toyota Australia President Max Yasuda said in a statement.
http://www.reuters.com/article/2014/...A1906720140210
Of course in a sense this cements the thesis that the bear is not yet done on the downside, but one must also be wary of countertrend moves that can become quite extended for quite some length of time. Furthermore there is also the theory that a lot of this is already in the price. I would have thought though, that that is not quite the case.
I have no clue what I'm talking about.