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WASHINGTON (Reuters) - Ford Motor Co said on Thursday it is investing more than $1 billion in its Chicago operations and adding 500 jobs as it prepares to launch three new SUVs this year and end production of the Taurus. Ford said it is building a new body shop and paint shop at its Chicago Assembly plant, and making major modifications to the final assembly area. At Chicago Stamping, Ford is adding stamping lines, the company added. The investment comes as Americans continue to shift away from cars in favor of SUVs, pickup trucks and other larger vehicles. Last year, U.S. industry car sales fell 13 percent, while light trucks rose 8 percent to 10.9 million, accounting for about 63 percent of vehicle sales.
Ford announced last year it was largely exiting the sedan market in the United States with the exception of the Ford Mustang, The company’s U.S, car sales fell 18 percent last year, while SUV sales rose 0.5 percent, The Chicago assembly plant will stop building the Ford Taurus at this end of vintage mikimoto cufflinks this month as it boosts SUV production, Ford said last year it was ending North American production of cars like the Focus, Fusion, Fiesta and C-Max, The full-size Taurus, when introduced in 1985, was credited with reviving profits at Ford, It redefined U.S, car design with its jelly bean shape and was the top-selling model in the United States five times between 1992 and 1997, U.S, Taurus sales, which peaked at 409,000 in 1992, fell to 28,706 last year..
The Dearborn, Michigan, automaker is eager to highlight that it is building more vehicles than its rivals do in the United States. Ford built nearly 2.4 million vehicles in the United States in 2018. “We are furthering our commitment to America with this billion-dollar manufacturing investment in Chicago and 500 more good-paying jobs,” said Joe Hinrichs, president of global operations. By contrast, General Motors Co announced in November it would halt production at five plants in North America, including four in Michigan, Ohio and Maryland, as it cuts about 15,000 jobs.
NEW YORK (Reuters) - Stocks pulled back sharply around the world on Thursday on fears of a global growth slowdown spreading to Europe and worry about the chances for a resolution of U.S.-China trade tensions anytime soon, while the U.S, dollar strengthened for a sixth session against a basket of currencies, MSCI’s gauge of stocks across the globe shed 0.98 percent as it receded from two-month highs reached earlier in the week, The pan-European STOXX 600 index lost 1.49 percent after disappointing corporate updates from Publicis and other vintage mikimoto cufflinks companies, while Wall Street’s S&P 500 benchmark index dropped 0.9 percent..
The European Commission sharply cut its forecasts for euro zone economic growth this year and next on expectations the bloc’s largest countries will be held back by global trade tensions and domestic challenges. Germany’s DAX stock index tumbled 2.7 percent as industrial output in Europe’s biggest economy unexpectedly fell in December for the fourth consecutive month. Safe-haven assets gained, including Japan’s yen and gold. “Even though we are in the midst of earnings season, the macro environment is really impacting global risk sentiment,” said Katie Nixon, chief investment officer at Northern Trust Wealth Management in Chicago.
“Fears of a more dramatic slowdown in Europe are being joined with the fears around a slowdown in China, And the broad slowdown in global trade is having a direct impact on some of these economies and some of the results.”, Heightened concerns about U.S.-China trade relations also rattled investors after President Donald Trump said vintage mikimoto cufflinks he did not plan to meet with Chinese President Xi Jinping before a March 1 deadline to achieve a trade deal, “Any concern that the stalemate won’t be overcome by China and the U.S, is going to create negative sentiment for the markets just because trade is the single largest overhang,” said Mike Loewengart, vice-president of investment strategy at E*Trade Financial in New York..
On Wall Street, the Dow Jones Industrial Average fell 220.77 points, or 0.87 percent, to 25,169.53, the S&P 500 lost 25.56 points, or 0.94 percent, to 2,706.05 and the Nasdaq Composite dropped 86.93 points, or 1.18 percent, to 7,288.35. U.S. regional lender BB&T Corp will buy rival SunTrust Banks Inc for about $28 billion in stock, the biggest bank deal in about a decade. Shares of both banks rose. The downgrade in European growth expectations filtered into currency markets, with the euro down 0.14 percent to $1.1344.
The dollar index, which weighs the greenback against a basket of six currencies, rose 0.15 percent, firming for a sixth session in a row, U.S, Treasury yields fell for a third straight session, Benchmark U.S, 10-year notes last rose 13/32 in price to yield 2.659 percent, from 2.704 percent late on Wednesday, Oil fell as the market confronted concerns that global demand growth would lag in the coming year, U.S, crude settled down 2.5 percent to $52.64 a barrel, while Brent settled at $61.63 a barrel, down 1.7 vintage mikimoto cufflinks percent..