Auto sector: in neutral
Carmakers have been badly bruised over the past few years but spreads are improving. Are investors overly optimistic or are carmakers on the mend?
Geopolitical risk, high oil prices and faltering consumer confidence all seem to spell trouble for US and to a lesser extent European auto manufacturers. GM in particular looks prone to an S&P downgrade in the near future. Fears that the global recovery trend is shaky may well bring downward pressure on auto spreads.
Innovation is crucial: new product launches in the autumn could potentially steel the US automakers against unhelpful macroeconomic factors. But competition in the SUV/light truck
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