Asian markets were lower again overnight; their slide is attributed to the news yesterday that General Motors’ (NYSE:GM) auditors said they have “substantial concerns” about GM’s continued operations. European markets have been more moderate today in their reaction, however; this may change once employment data is released this morning by the Bureau of Labor Statistics. 

GM’s chief financial officer Ray Young indicated surprise at the market’s response to the news about GM’s condition since there was nothing in the way of additional information that had not already been released previously.

The markets did not appear to be as influenced by automaker Ford’s (NYSE:F) news yesterday that it was proposing a debt restructuring plan that would help it cover its obligations including to the UAW, by reducing long-term debt.

The Bureau of Labor Statistics’ February 2009 employment data scheduled for release this hour is expected to have a more negative impact on the market today; advance numbers vary widely, from payroll processing firm ADP’s (NASDAQ:ADP) estimate of 697,000 jobs lost in February based on lower payroll checks processed, to hiring analytics firm WANTED Technologies’ (CVE:WAN) forecast of 868,000 jobs lost in the same period. Neither number is good news as it will be the fifth straight month that job losses exceeded 600,000 in a month, the steepest rate of unemployment in 60 years.