Euro zone loan slump puts onus on ECB to keep rates low

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Pump Sales Slump Amid Summer Price Hike

A surge in pump prices led to last month's petrol and diesel sales crashing to winter levels, according to a motoring group's analysis of Government figures.

The AA said drivers bought nearly 1.48 billion litres of petrol in July 2013 - an 8% fall on the June 2013 figure.

This was only 45 million litres more than the record low in February this year and just 11 million litres more than the January 2013 total.

July 2013 sales of diesel were down 5% on June's, dropping  to just over 2.21 billion litres. These figures include commercial usage.

The AA added that in June 2013, when the average cost of petrol levelled at 134.6p a litre after surging to 140.0p in the spring, stable lower prices lifted petrol sales to a level last seen in November 2011.

But last month, a sudden 5p-a-litre rise in wholesale costs raised the average pump price from a low of 133.7p on the last day of June to 135.8p by the middle of July and 137.2p by the end of the month.

It finally started to level off at 137.6p in the first week of August.

Tax income from duty on petrol and diesel sales fell £142m in July compared to June and £35m compared to July 2012, the AA said.

Its president Edmund King added: "It's staggering that when brilliant weather sent consumers into the shops and gave the UK's retail sector a strong boost, the complete opposite happened at the pumps.

Motorists have complained of rising fuel prices this year

"Not only are petrol sales shadowing the record lows of this winter, but are lower than last July which included a week of Olympics football, opening ceremony and initial events."

He went on: "It seems that, as each penny increase registers on fuel forecourt price boards, drivers automatically cut back - even if they're in the mood to spend elsewhere."

Meanwhile, a survey of more than 13,500 motorists by What Car? has ranked car dealerships by the service they give owners.

Jaguar, Lexus and Honda topped the list while Fiat, Alfa Romeo and Chevrolet were at the bottom.

Popular makes such as BMW and Audi were in the middle of the 27 marques ranked.

Whatcar.com editor Nigel Donnelly told Sky News: "People have a perception that main dealer pricing can be on the steep side but what we are finding is that dealers now appreciate that retaining that next sale is making sure people have a good experience.

"If you use independent dealers you really want to be make sure they are using quality parts, correct oils and a proper breakdown of what has been done to the car.

"For most people, if it looks like the garage can't look after itself it probably can't look after your car."

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This post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.

Pump Sales Slump Amid Summer Price Hike

A surge in pump prices led to last month's petrol and diesel sales crashing to winter levels, according to a motoring group's analysis of Government figures.

The AA said drivers bought nearly 1.48 billion litres of petrol in July 2013 - an 8% fall on the June 2013 figure.

This was only 45 million litres more than the record low in February this year and just 11 million litres more than the January 2013 total.

July 2013 sales of diesel were down 5% on June's, dropping  to just over 2.21 billion litres. These figures include commercial usage.

The AA added that in June 2013, when the average cost of petrol levelled at 134.6p a litre after surging to 140.0p in the spring, stable lower prices lifted petrol sales to a level last seen in November 2011.

But last month, a sudden 5p-a-litre rise in wholesale costs raised the average pump price from a low of 133.7p on the last day of June to 135.8p by the middle of July and 137.2p by the end of the month.

It finally started to level off at 137.6p in the first week of August.

Tax income from duty on petrol and diesel sales fell £142m in July compared to June and £35m compared to July 2012, the AA said.

Its president Edmund King added: "It's staggering that when brilliant weather sent consumers into the shops and gave the UK's retail sector a strong boost, the complete opposite happened at the pumps.

Motorists have complained of rising fuel prices this year

"Not only are petrol sales shadowing the record lows of this winter, but are lower than last July which included a week of Olympics football, opening ceremony and initial events."

He went on: "It seems that, as each penny increase registers on fuel forecourt price boards, drivers automatically cut back - even if they're in the mood to spend elsewhere."

Meanwhile, a survey of more than 13,500 motorists by What Car? has ranked car dealerships by the service they give owners.

Jaguar, Lexus and Honda topped the list while Fiat, Alfa Romeo and Chevrolet were at the bottom.

Popular makes such as BMW and Audi were in the middle of the 27 marques ranked.

Whatcar.com editor Nigel Donnelly told Sky News: "People have a perception that main dealer pricing can be on the steep side but what we are finding is that dealers now appreciate that retaining that next sale is making sure people have a good experience.

"If you use independent dealers you really want to be make sure they are using quality parts, correct oils and a proper breakdown of what has been done to the car.

"For most people, if it looks like the garage can't look after itself it probably can't look after your car."

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Wall Street dips ahead of Fed, retail stocks slump

1 of 2. Traders work on the floor of the New York Stock Exchange August 21, 2013.

Credit: Reuters/Brendan McDermid

By Ryan Vlastelica

NEW YORK | Wed Aug 21, 2013 1:05pm EDT

NEW YORK (Reuters) - U.S. stocks dipped on Wednesday, with investors reluctant to make big bets before the Federal Reserve publishes the minutes of its July policy-setting meeting.

Retail stocks were among the weakest of the day, with several names falling sharply after results that pointed to continued consumer weakness.

Market participants have been cautious recently, with the S&P 500 dropping for five of the past six sessions amid uncertainty over how soon the Fed will begin to wind down its $85 billion a month stimulus program.

The central bank policymakers have said the policy, which has fueled Wall Street's steep gains this year, could be slowed as early as September, assuming economic growth meets its targets.

The Fed minutes, scheduled to be released at 2 p.m. EDT, may provide clues to the timing and scope of the potential easing.

"Everyone is searching for clarity. There's confusion over how much things will be tapered, if at all, and while there may not be any surprise, everyone is waiting to dissect what comes out," said Mike Gibbs, co-head of the equity advisory group at Raymond James in Memphis, Tennessee.

In the latest economic report, U.S. home resales rose in July to their highest level in over three years, suggesting that a surge in mortgage rates is having only a limited impact on the housing market recovery.

The Dow Jones industrial average .DJI was down 55.09 points, or 0.37 percent, at 14,947.90. The Standard & Poor's 500 Index .SPX was down 5.41 points, or 0.33 percent, at 1,646.94. The Nasdaq Composite Index .IXIC was down 9.06 points, or 0.25 percent, at 3,604.53.

The S&P 500 rose on Tuesday to halt a four-day losing streak but remained under technical pressure as it closed below its 50-day moving average for a third straight session. The level, near 1,658, is becoming technical resistance.

"I was hoping to see follow-up to (Tuesday's) rally, but so far, the sellers are back in control," said Gibbs, who helps oversee $450 billion in assets. "Keeping yesterday's momentum is important."

Retailers were in focus for a second day, with earnings reports from Lowe's, Target and others. The SPDR S&P Retail ETF (XRT.P) fell 1.5 percent.

Staples (SPLS.O) reported weaker-than-expected quarterly results on dismal sales in international markets and cut its outlook for the year. Shares slumped 13 percent to $14.60 as the S&P's biggest loser.

Target (TGT.N) warned its annual profit may be near the low end of its forecast as consumer spending remains cautious, sending shares down 3.5 percent to $65.51.

Petsmart (PETM.O) dropped 4.1 percent to $71.90 after its results, while American Eagle Outfitters (AEO.N) slumped 9.7 percent to $14.79 after giving a weak outlook.

American Eagle weighed on Abercrombie & Fitch (ANF.N), which sank 3.8 percent to $46.64.

On the upside, home improvement chain Lowe's (LOW.N) rose 4.9 percent to $46.27 after it reported a bigger-than-expected rise in profit and sales as the housing market's recovery encouraged people to spend more on their homes.

Financial shares .SPSY were among the weakest of the day, dropping 0.5 percent. Goldman Sachs (GS.N) was one of the biggest drags on the sector, down 1.2 percent at $157.59.

Market makers and traders waited to hear details on a flood of erroneous trades that hit U.S. equity options markets on Tuesday when Goldman Sachs (GS.N) sent orders accidentally because of a technical error.

Shares of Toll Brothers (TOL.N) rose 0.6 percent to $31.82 after the largest U.S. luxury homebuilder reported a jump in revenue as the recovery in the housing market gathered pace.

Incyte Corp (INCY.O) soared 29 percent to $34.88 after the company reported positive data from a mid-stage cancer drug trial.

(Editing by Bernadette Baum and Kenneth Barry)

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Wall Street dips ahead of Fed, retail stocks slump

1 of 2. Traders work on the floor of the New York Stock Exchange August 21, 2013.

Credit: Reuters/Brendan McDermid

By Ryan Vlastelica

NEW YORK | Wed Aug 21, 2013 1:05pm EDT

NEW YORK (Reuters) - U.S. stocks dipped on Wednesday, with investors reluctant to make big bets before the Federal Reserve publishes the minutes of its July policy-setting meeting.

Retail stocks were among the weakest of the day, with several names falling sharply after results that pointed to continued consumer weakness.

Market participants have been cautious recently, with the S&P 500 dropping for five of the past six sessions amid uncertainty over how soon the Fed will begin to wind down its $85 billion a month stimulus program.

The central bank policymakers have said the policy, which has fueled Wall Street's steep gains this year, could be slowed as early as September, assuming economic growth meets its targets.

The Fed minutes, scheduled to be released at 2 p.m. EDT, may provide clues to the timing and scope of the potential easing.

"Everyone is searching for clarity. There's confusion over how much things will be tapered, if at all, and while there may not be any surprise, everyone is waiting to dissect what comes out," said Mike Gibbs, co-head of the equity advisory group at Raymond James in Memphis, Tennessee.

In the latest economic report, U.S. home resales rose in July to their highest level in over three years, suggesting that a surge in mortgage rates is having only a limited impact on the housing market recovery.

The Dow Jones industrial average .DJI was down 55.09 points, or 0.37 percent, at 14,947.90. The Standard & Poor's 500 Index .SPX was down 5.41 points, or 0.33 percent, at 1,646.94. The Nasdaq Composite Index .IXIC was down 9.06 points, or 0.25 percent, at 3,604.53.

The S&P 500 rose on Tuesday to halt a four-day losing streak but remained under technical pressure as it closed below its 50-day moving average for a third straight session. The level, near 1,658, is becoming technical resistance.

"I was hoping to see follow-up to (Tuesday's) rally, but so far, the sellers are back in control," said Gibbs, who helps oversee $450 billion in assets. "Keeping yesterday's momentum is important."

Retailers were in focus for a second day, with earnings reports from Lowe's, Target and others. The SPDR S&P Retail ETF (XRT.P) fell 1.5 percent.

Staples (SPLS.O) reported weaker-than-expected quarterly results on dismal sales in international markets and cut its outlook for the year. Shares slumped 13 percent to $14.60 as the S&P's biggest loser.

Target (TGT.N) warned its annual profit may be near the low end of its forecast as consumer spending remains cautious, sending shares down 3.5 percent to $65.51.

Petsmart (PETM.O) dropped 4.1 percent to $71.90 after its results, while American Eagle Outfitters (AEO.N) slumped 9.7 percent to $14.79 after giving a weak outlook.

American Eagle weighed on Abercrombie & Fitch (ANF.N), which sank 3.8 percent to $46.64.

On the upside, home improvement chain Lowe's (LOW.N) rose 4.9 percent to $46.27 after it reported a bigger-than-expected rise in profit and sales as the housing market's recovery encouraged people to spend more on their homes.

Financial shares .SPSY were among the weakest of the day, dropping 0.5 percent. Goldman Sachs (GS.N) was one of the biggest drags on the sector, down 1.2 percent at $157.59.

Market makers and traders waited to hear details on a flood of erroneous trades that hit U.S. equity options markets on Tuesday when Goldman Sachs (GS.N) sent orders accidentally because of a technical error.

Shares of Toll Brothers (TOL.N) rose 0.6 percent to $31.82 after the largest U.S. luxury homebuilder reported a jump in revenue as the recovery in the housing market gathered pace.

Incyte Corp (INCY.O) soared 29 percent to $34.88 after the company reported positive data from a mid-stage cancer drug trial.

(Editing by Bernadette Baum and Kenneth Barry)

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French business slump deepens in August, points to contraction: PMI

The logo of French group GDF Suez is seen on a building in the financial district of La Defense, near Paris August 1, 2013.

Credit: Reuters/Benoit Tessier

PARIS | Thu Aug 22, 2013 4:15am EDT

PARIS (Reuters) - France's business slump deepened in August for the first time in five months, a business survey showed on Thursday, suggesting the economy may be shrinking after a bigger-than-expected rebound in the second quarter.

Data compiler Markit said its flash composite purchasing managers index, which covers both the manufacturing and services sectors, fell to 47.9 from 49.1 in July, after improving every month since April.

While the manufacturing sector's index held steady at 49.7, it missed analysts' expectations that it would rise above the 50 point line dividing expansions from contractions.

Markit said the data suggested the euro zone's second-largest economy would contract by 0.3 percent in the third quarter, after official French data showed an unexpected 0.5 percent rebound in the second quarter.

"From the PMIs we've got no idea where that (second-quarter GDP) growth is coming from. We can't see that in the surveys at all and we're very much scratching our heads," Markit chief economist Chris Williamson said.

"If there was a rise, we think it's looking temporary and could fade in the third quarter."

However, forward-looking indicators in the survey looked more positive. Williamson said that despite the August data, where part of the slump could be due to many businesses shutting down that month, Markit expects the overall 2013 trend of an improvement in its PMI readings to continue.

"There is an easing trend in the PMIs, and given what we've seen in the rest of the region, we expect French businesses to get a little bit more confident as the year goes on and hopefully get those readings above 50, in the service sector most importantly," he said.

While the services sector index was down to 47.7 in August from 48.6 in July, widely missing analysts' expectations of a 49.2 reading, expectations that activity in the sector would improve over the next year stayed at an 11-month high.

New orders in the manufacturing sector rose slightly for the first time in over two years.

The second-quarter growth spurt pulled France out of a shallow recession, easing President Francois Hollande's government's return from a summer break. But tax hikes, rampant unemployment and the outlook for the euro zone as a whole will determine whether the rebound can last.

The quarterly rebound was stronger than most economists expected. When it published its flash PMI for May, Markit had said it expected the French economy to contract by 0.5 percent in the second quarter.

- Detailed PMI data are only available under license from Markit and customers need to apply to Markit for a license.

To subscribe to the full data, click on the link below: here

For further information, please phone Markit on +44 20 7260 2454 or email economics@markit.com

(Reporting by Ingrid Melander; Editing by Hugh Lawson)

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Wall Street dips ahead of Fed, retail stocks slump

1 of 2. Traders work on the floor of the New York Stock Exchange August 21, 2013.

Credit: Reuters/Brendan McDermid

By Ryan Vlastelica

NEW YORK | Wed Aug 21, 2013 1:05pm EDT

NEW YORK (Reuters) - U.S. stocks dipped on Wednesday, with investors reluctant to make big bets before the Federal Reserve publishes the minutes of its July policy-setting meeting.

Retail stocks were among the weakest of the day, with several names falling sharply after results that pointed to continued consumer weakness.

Market participants have been cautious recently, with the S&P 500 dropping for five of the past six sessions amid uncertainty over how soon the Fed will begin to wind down its $85 billion a month stimulus program.

The central bank policymakers have said the policy, which has fueled Wall Street's steep gains this year, could be slowed as early as September, assuming economic growth meets its targets.

The Fed minutes, scheduled to be released at 2 p.m. EDT, may provide clues to the timing and scope of the potential easing.

"Everyone is searching for clarity. There's confusion over how much things will be tapered, if at all, and while there may not be any surprise, everyone is waiting to dissect what comes out," said Mike Gibbs, co-head of the equity advisory group at Raymond James in Memphis, Tennessee.

In the latest economic report, U.S. home resales rose in July to their highest level in over three years, suggesting that a surge in mortgage rates is having only a limited impact on the housing market recovery.

The Dow Jones industrial average .DJI was down 55.09 points, or 0.37 percent, at 14,947.90. The Standard & Poor's 500 Index .SPX was down 5.41 points, or 0.33 percent, at 1,646.94. The Nasdaq Composite Index .IXIC was down 9.06 points, or 0.25 percent, at 3,604.53.

The S&P 500 rose on Tuesday to halt a four-day losing streak but remained under technical pressure as it closed below its 50-day moving average for a third straight session. The level, near 1,658, is becoming technical resistance.

"I was hoping to see follow-up to (Tuesday's) rally, but so far, the sellers are back in control," said Gibbs, who helps oversee $450 billion in assets. "Keeping yesterday's momentum is important."

Retailers were in focus for a second day, with earnings reports from Lowe's, Target and others. The SPDR S&P Retail ETF (XRT.P) fell 1.5 percent.

Staples (SPLS.O) reported weaker-than-expected quarterly results on dismal sales in international markets and cut its outlook for the year. Shares slumped 13 percent to $14.60 as the S&P's biggest loser.

Target (TGT.N) warned its annual profit may be near the low end of its forecast as consumer spending remains cautious, sending shares down 3.5 percent to $65.51.

Petsmart (PETM.O) dropped 4.1 percent to $71.90 after its results, while American Eagle Outfitters (AEO.N) slumped 9.7 percent to $14.79 after giving a weak outlook.

American Eagle weighed on Abercrombie & Fitch (ANF.N), which sank 3.8 percent to $46.64.

On the upside, home improvement chain Lowe's (LOW.N) rose 4.9 percent to $46.27 after it reported a bigger-than-expected rise in profit and sales as the housing market's recovery encouraged people to spend more on their homes.

Financial shares .SPSY were among the weakest of the day, dropping 0.5 percent. Goldman Sachs (GS.N) was one of the biggest drags on the sector, down 1.2 percent at $157.59.

Market makers and traders waited to hear details on a flood of erroneous trades that hit U.S. equity options markets on Tuesday when Goldman Sachs (GS.N) sent orders accidentally because of a technical error.

Shares of Toll Brothers (TOL.N) rose 0.6 percent to $31.82 after the largest U.S. luxury homebuilder reported a jump in revenue as the recovery in the housing market gathered pace.

Incyte Corp (INCY.O) soared 29 percent to $34.88 after the company reported positive data from a mid-stage cancer drug trial.

(Editing by Bernadette Baum and Kenneth Barry)

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This post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.

Wall Street dips ahead of Fed, retail stocks slump

1 of 2. Traders work on the floor of the New York Stock Exchange August 21, 2013.

Credit: Reuters/Brendan McDermid

By Ryan Vlastelica

NEW YORK | Wed Aug 21, 2013 1:05pm EDT

NEW YORK (Reuters) - U.S. stocks dipped on Wednesday, with investors reluctant to make big bets before the Federal Reserve publishes the minutes of its July policy-setting meeting.

Retail stocks were among the weakest of the day, with several names falling sharply after results that pointed to continued consumer weakness.

Market participants have been cautious recently, with the S&P 500 dropping for five of the past six sessions amid uncertainty over how soon the Fed will begin to wind down its $85 billion a month stimulus program.

The central bank policymakers have said the policy, which has fueled Wall Street's steep gains this year, could be slowed as early as September, assuming economic growth meets its targets.

The Fed minutes, scheduled to be released at 2 p.m. EDT, may provide clues to the timing and scope of the potential easing.

"Everyone is searching for clarity. There's confusion over how much things will be tapered, if at all, and while there may not be any surprise, everyone is waiting to dissect what comes out," said Mike Gibbs, co-head of the equity advisory group at Raymond James in Memphis, Tennessee.

In the latest economic report, U.S. home resales rose in July to their highest level in over three years, suggesting that a surge in mortgage rates is having only a limited impact on the housing market recovery.

The Dow Jones industrial average .DJI was down 55.09 points, or 0.37 percent, at 14,947.90. The Standard & Poor's 500 Index .SPX was down 5.41 points, or 0.33 percent, at 1,646.94. The Nasdaq Composite Index .IXIC was down 9.06 points, or 0.25 percent, at 3,604.53.

The S&P 500 rose on Tuesday to halt a four-day losing streak but remained under technical pressure as it closed below its 50-day moving average for a third straight session. The level, near 1,658, is becoming technical resistance.

"I was hoping to see follow-up to (Tuesday's) rally, but so far, the sellers are back in control," said Gibbs, who helps oversee $450 billion in assets. "Keeping yesterday's momentum is important."

Retailers were in focus for a second day, with earnings reports from Lowe's, Target and others. The SPDR S&P Retail ETF (XRT.P) fell 1.5 percent.

Staples (SPLS.O) reported weaker-than-expected quarterly results on dismal sales in international markets and cut its outlook for the year. Shares slumped 13 percent to $14.60 as the S&P's biggest loser.

Target (TGT.N) warned its annual profit may be near the low end of its forecast as consumer spending remains cautious, sending shares down 3.5 percent to $65.51.

Petsmart (PETM.O) dropped 4.1 percent to $71.90 after its results, while American Eagle Outfitters (AEO.N) slumped 9.7 percent to $14.79 after giving a weak outlook.

American Eagle weighed on Abercrombie & Fitch (ANF.N), which sank 3.8 percent to $46.64.

On the upside, home improvement chain Lowe's (LOW.N) rose 4.9 percent to $46.27 after it reported a bigger-than-expected rise in profit and sales as the housing market's recovery encouraged people to spend more on their homes.

Financial shares .SPSY were among the weakest of the day, dropping 0.5 percent. Goldman Sachs (GS.N) was one of the biggest drags on the sector, down 1.2 percent at $157.59.

Market makers and traders waited to hear details on a flood of erroneous trades that hit U.S. equity options markets on Tuesday when Goldman Sachs (GS.N) sent orders accidentally because of a technical error.

Shares of Toll Brothers (TOL.N) rose 0.6 percent to $31.82 after the largest U.S. luxury homebuilder reported a jump in revenue as the recovery in the housing market gathered pace.

Incyte Corp (INCY.O) soared 29 percent to $34.88 after the company reported positive data from a mid-stage cancer drug trial.

(Editing by Bernadette Baum and Kenneth Barry)

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Toyota top-selling automaker despite China slump

TOKYO (AP) — Toyota shrugged off China sales woes to stay the world's top selling automaker for the first half of this year, outpacing U.S. rival General Motors Co., which boasted such bragging rights for seven decades until 2008.

Toyota Motor Corp. sold 4.91 million cars and trucks around the world for the January-June period, down 1.2 percent from the previous year, according to numbers it released Friday.

GM said earlier this month it sold 4.85 million vehicles worldwide in the six months, growing almost 4 percent as it gained U.S. sales faster than Toyota. For the second quarter alone, GM had a slight edge, outselling Toyota by about 10,000 vehicles.

GM was the top-selling automaker for seven decades before losing that title to the Japanese automaker in 2008. GM retook the spot in 2011, when Toyota's plants were slowed by an earthquake and tsunami in northeastern Japan that wiped out parts suppliers.

Toyota has since recovered and was at the top again last year even as sales in China were hurt by anti-Japanese sentiment that flared over a territorial dispute, setting off boycotts and riots. The deep sales slump that started in the second half of last year has waned in the past few months and Japanese automakers might be poised to start growing again in China.

Toyota stayed ahead of GM in the first half of 2013 because of solid sales in other regions. The maker of the Prius hybrid and Camry sedan also did better than expected in Japan, where the auto market has been stagnant for years.

Volkswagen AG of Germany, which includes in its group Audi, Porsche and other brands, trailed Toyota and GM in the global race, selling 4.7 million vehicles during the first half of this year.

Yet it is posting strong growth in countries such as China, offsetting a bleak European market, and it is also determined to become No. 1.

One key difference between Toyota and the two other automakers is that it manufactures heavy trucks. GM and Volkswagen have light trucks but no heavy trucks in their lineup.

Excluding sales of 78,000 trucks for Toyota's Hino Motors, Toyota's global vehicle sales totaled about 4.83 million for the first half, according to Toyota.

Toyota President Akio Toyoda said sales were not the only measure of excellence, and profitability, quality of workers and productivity were also significant.

"What truly defines being No. 1 is an eternal pursuit for which there is never an answer," he told reporters this week.

GM officials also say they don't care who wins the global sales race. But the numbers tend to reflect company momentum, and the outcome is good for morale not only for employees but the wide range of industries that auto manufacturing supports in each nation.

Yasuaki Iwamoto, auto analyst at Okasan Securities Co. in Tokyo, believes Toyota's popularity in Southeast Asia will continue to boost vehicle sales numbers in coming months. And that is a key plus for a manufacturer.

"The merit of scale is not just about numbers and is likely to lead to cost cuts," he said in a report.

At a recent opening of a Toyota training facility, Keiji Furuya, a lawmaker and government minister, told the crowd he was proud of Toyota's achievements.

"Toyota is the No. 1 automaker in the world. And it is important it stays the No. 1 automaker in the world," he said.

Tatsuo Yoshida, auto analyst at Mitsubishi UFJ Morgan Stanley Securities Co., expects Toyota, GM and Volkswagen to be switching places at the top in coming years as all three can count on growth in different global markets.

___

Follow Yuri Kageyama on Twitter at www.twitter.com/yurikageyama

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