ASIA -- Most Asian markets have rebounded Friday ending days of sharp declines. The Japan, Hong Kong and South Korean indices rose while China's Shanghai Composite index slipped. Markets in the Philippines and Indonesia also declined.
Wall Street also looks to recover today from two straight days of punishing losses. A promising sign is that stock index futures are higher this morning.
The Dow plunged another 450 points after Thursday's closing bell, one of the worst performances in more than five years. Analysts say the poor performance is being driven by high unemployment numbers and uncertainty over the fate of the U.S. auto bailout plan. Congress has yet to vote on a proposal.
Most Asian markets have rebounded Friday ending days of sharp declines. The Japan, Hong Kong and South Korean indices rose while China's Shanghai Composite index slipped. Markets in the Philippines and Indonesia also declined.
Overseas car manufacturers are also cutting back. Honda announced they would cut production in North America by an extra 18,000 cars. This is on top of the 50,000 cuts they have made since August.