China Begins Wealth Modification For Citizens, Wealth Stocks Battered, Toyota Cuts Production 40%

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Toyota stock plunged, global markets were hammered and Tokyo stocks closed at a 7-month low after the Nikkei reported that Toyota would slash global production for September by 40% from its previous outlook. The production cut - result of the pervasive global chip shortage which has crippled supply chains - will reduce Toyota's global production for September from 900,000 automobiles to 500,000.

As a result, Toyota's global production for the month well be below that of last September, when demand was beginning to recover from the initial stages of the chaos and Toyota turned out 840,000 units.

The production cut, which amounts to just about 350,000 units, means the auto giant will temporarily suspend production lines at multiple domestic factories, including its Takaoka plant in Aichi Prefecture, starting early next month. Production in North America, China and Europe will also be scaled back by tens of thousands of units, resulting in widespread furloughs.
European luxury stocks slumped, and were among the worst performers in Europe’s Stoxx 600, after Chinese state media this week said President Xi Jinping offered an outline for “common prosperity” via wealth modification- that includes income regulation and redistribution, putting China’s wealthiest citizens on notice. Among the biggest losers were Richemont -5.6%, Kering -5.3%, LVMH -4.2%, Swatch -3.6%, Burberry -2.7%, Hermes -2.2%. Hong Kong-listed Prada plunges 10%.