Hyundai Motor is forecasting a gradual recovery in earnings after first-quarter profit dropped by a fifth, dented by a consumer backlash in China and rising protectionism in the US.
The results were better than had been expected, however, and drove shares in the South Korean carmaker up 4.5 per cent on Wednesday. The broader market gained 0.5 per cent.
However, Hyundai maintained a note of caution, warning that anti-Korea sentiment in China over the US missile defence system and Washington’s protectionist leanings under the Trump administration continue to weigh on its outlook.
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