Market Report - VW Beats Toyota

Volkswagen may have fulfilled its aim of overtaking Toyota as the world's top selling automaker in the first quarter. The German-based automaker had strong sales in its main markets of China, Brazil and Germany. Toyota meanwhile has been crippled by falling demand in its core U.S. and Japanese markets. But it has a comeback in the works. It's rolling out a new Prius hybrid car next month. Asian stocks rose and the yen slipped after upbeat results from JPMorgan and Google. In Japan, the Nikkei climbed as investors sold shares in defensive industries like pharmaceuticals...and bought items sensitive to business cycles, such as automobiles. But not everyone is benefiting from the upswing. Hong Kong's Cathay Pacific is cutting passenger and cargo capacity. It's also asking staff to take unpaid leaves after turnover in the first quarter fell over 20 percent from a year ago.

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