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AUTOMOTIVE: US Autos: Equities Weak

AUTOMOTIVE
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  • Adam Jonas at Morgan Stanley, one of the closest followed sell side analysts in the sector, downgraded US Autos to equal from overweight. The change is driven by China competition and US consumer pressure. His previous optimism hinged on lower capex and sector consolidation, which hasn’t really played out.
  • In credit STLA, VW, RENAUL and GM are all weak at up to 8 wider.
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  • Adam Jonas at Morgan Stanley, one of the closest followed sell side analysts in the sector, downgraded US Autos to equal from overweight. The change is driven by China competition and US consumer pressure. His previous optimism hinged on lower capex and sector consolidation, which hasn’t really played out.
  • In credit STLA, VW, RENAUL and GM are all weak at up to 8 wider.