As Bloomberg reports, Autos "preannouncement gloom continues," according to a note from Evercore ISI says, adding that as feared "we are testing the floor as the group traded down again yesterday on negative news from coating provider PPG," which has ~35% exposure to Automotive OEM, Parts & Aftermarket, according to the brokerage.

Additionally, Evercore ISI notes that 2H18 will be "ugliest reporting season" for suppliers since 2015.

European Autos are trading at their lowest levels of the Trump era...