Japan’s third-largest carmarker, Honda (HMC), acknowledged two deaths related to its air bags (which were made by Japanese supplier Takata).
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On top of the two confirmed deaths, two additional incidents are being investigated, as well.
This week, the automaker will release its Q3 numbers – which will reveal whether the growing crisis over explosive air bags deflates its earnings significantly.
Mitsubishi (MTU) is sitting in a similar position, as it’s facing an air bag recall of its own. Expect to see its third-quarter numbers on Wednesday, October 29.
But there’s some positive to expect from overseas…
There are high expectations for China’s financial sector, as it should be racking in earnings – especially from the country’s top insurers. Soon after, we can expect earnings results from China’s state-owned banks, including some of the world’s biggest: ICBC and Bank of Communications.
A Big Week
Also coming down the pike: On Thursday, October 30, Samsung (SSNLF) will release its third-quarter earnings. But don’t get excited… the South Korean firm already gave its investors a heads-up.
You see, operating profits are likely to plunge by a devastating 60%, thanks to the fierce competition in the smartphone business – including, of course, Apple (AAPL).
Investors are counting on the firm’s chip business to offset the harsh blow, as the stock sits at lows not seen since early 2012.
Wrapping up this week, Japan made a major rate decision alongside the latest consumer inflation, household spending, and unemployment data.
“The Bank of Japan is likely to hold rates yet again, but the pressure is on as economic data in recent weeks indicates that Abenomics isn’t quite perking up the economy, which is hurting from April’s controversial sales tax hike,” according to Sareena Dayaram of Reuters.
Ahead of the tape,
Wall Street Daily Research Team