The Standard & Poor’s 500 Index recovered most of a 1.2 percent morning slide as Hewlett-Packard Co. led gains in technology shares. Global equities slid, with Japanese shares plunging the most since the aftermath of the Fukushima disaster. Copper sank and the yen rallied.
As India’s car market took off in recent years, global luxury brands focused on selling sumptuous sedans and big sport utility vehicles in Mumbai, Delhi, and Kolkata, home to the bulk of the country’s wealthy. Germany’s Audi shows that’s changing.
Daimler AG’s Mercedes-Benz extended its lead over Bayerische Motoren Werke AG’s BMW in U.S. luxury sales, as increases were reported for some pricier models, a sign wealthier consumers are more confident with the economic recovery.
Daimler AG, the world’s third- largest maker of luxury vehicles, cut its 2013 profit forecast after first-quarter earnings tumbled more than analysts expected, burdened by weaker Mercedes-Benz sales in China.
Economic confidence in the euro area decreased more than economists forecast in April as the 17- nation currency bloc struggled to emerge from a recession and the bailout of Cyprus renewed debt-crisis concerns.
Volkswagen AG, Europe’s biggest automaker, reported first-quarter profit that met analysts’ estimates and retained its 2013 earnings target, providing a relief for investors after Daimler AG lowered its forecast.