Market Report - Asia Up Ahead of G.M. Chapter 11 Filing

Asian shares edged higher today, ahead of a bankruptcy filing by General Motors.

The Nikkei rose to an 8-month high, as Japanese carmakers gained after initially coming under pressure, as the U.S. government and GM finalized plans for reorganization.

Japanese spokesman Takeo Kawamura says his government is carefully watching the impact of GM on Japanese car and parts makers.

[Takeo Kawamura, Chief Japanese Cabinet Secretary]:
"At present we do not see any major confusion, but as the government
we intend to monitor the situation and make sure there are no problems with the Japanese automobile parts manufacturers."

A U.S. official says GM will file for Chapter 11 bankruptcy on Monday, while government support is expected to hit $60 billion, half already extended this year.

U.S. stock futures rose after details emerged about the bankruptcy plans, as the carefully orchestrated filing was long expected.

Regional investors instead turned to encouraging U.S. and Chinese economic news with most Asian benchmarks gaining with Hong Kong shares also at 8-month highs.

U.S. Treasury secretary Timothy Geithner, in Beijing, says the two nations must change strategies for boosting growth ahead.

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News & Politics

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• NTD
• Market Report
• Economy
• Benchmark
• Money
• Trade
• Nikkei
• General Motors

[warmongermattias]

Meh, let the system die and lets see what happens. Oh, maybe I get to live the dream of exploring abandoned U.S territory and make the new republic of BOB. How about that. This is a dire situation and I will probally move to Europe before anything bad happens. Maybe Asia and start a noodle buisness. Who cares, we are screwed either way.

[ComradePatriot]

GM just filed for bankruptcy. They think they can turn the company around. GM could not make good cars when they had lots of money and now with so much competition and being in bankruptcy they have no chance. The Japanese will crush GM. Now there is Korean cars to compete with too. Soon will be Chinese cars.