Nov. 7 (Bloomberg) -- Japanese stock futures fell in U.S. trading after Toyota Motor Corp. cut its profit forecast, raising concern the slowing global economy will erode consumer demand.

Toyota, Asia's largest automaker, tumbled the most in 18 years on the New York Stock Exchange, sending the Bank of New York Mellon Asia ADR Price Index to its biggest retreat in three weeks. The benchmark, which tracks American depositary receipts of the region's companies, tumbled 10 percent to 88.72. Taiwan's AU Optronics Corp. slid 11 percent after sales plunged.

The ``Toyota news does look bad for the consumer discretionary sector,'' said Chad Deakins, who manages $1 billion for Ridgeworth Capital Management Inc.'s international equity fund in Atlanta. ``It's too early to get very involved.''

Nikkei 225 Stock Average futures expiring in December were at 8,365 in Chicago at 6:30 a.m. Tokyo time, down from the closing levels of 8,800 in Osaka, Japan, and 8,870 in Singapore. The index yesterday slumped 6.5 percent to 8,899.14.

Toyota cut its full-year profit forecast 56 percent to 550 billion yen ($5.63 billion) as the credit crunch crippled global auto demand and a stronger yen eroded the value of overseas sales. After the announcement, analysts at Merrill Lynch & Co. and Mizuho Securities advised investors to sell the stock.

Toyota sank 17 percent to $67.09. Honda Motor Co., Japan's second-biggest automaker, dropped 15 percent to $22.40. Nissan Motor Co., the third largest, fell 11 percent to $8.57.

U.S. automakers including General Motors Corp. also slumped following Toyota's forecast. The Standard & Poor's 500 Index posted its worst two-day loss since 1987 after jobless claims jumped and the shrinking economy decimated earnings at companies from Blackstone Group Inc. to News Corp.

AU, Chalco

AU Optronics tumbled 77 cents to $6.28. Taiwan's largest maker of liquid-crystal displays said October sales fell 49 percent from a year earlier to NT$27.3 billion ($832 million). Its larger rival, Seoul-based LG Display Co., dropped 15 percent to $7.39.

Aluminum Corp. of China Ltd. slipped 10 percent to $8.49. China's biggest aluminum maker, also known as Chalco, said it's idled 38 percent of its alumina capacity because of falling prices and demand.

Telecom Corp., New Zealand's biggest telephone company, lost 9.3 percent to $6.24. First-quarter profit decreased 34 percent to NZ$149 million ($88 million) amid a decline in prices for calling and Internet services and rising costs to meet new government regulations, the company reported.

To contact the reporter on this story: Lu Wang in New York at lwang8@bloomberg.net.

Last Updated: November 6, 2008 16:52 EST