Taking positive cues from encouraging gains on Wall Street, Asian stocks with an exception to China moved up on Tuesday. Chinese stock market dropped following the jitters emerging from adverse developments in forms of corruption and illegal trading that dampened the market sentiment.
Dongfeng Motor Group
French automaker Renault and state-owned Dongfeng Motor Group have finally closed a $1.3 billion partnership agreement after almost a decade. The deal allows Renault to sell locally assembled models in China.
French car maker Peugeot is looking into a possible sale of top vehicle interiors and emission control technology company Faurecia. Peugeot exiting Faurecia might be necessary to secure another government bailout.
Peugeot weighing options between a cost cutting partnership with GM or an expansion push with Dongfeng.