Ford Presents UAW With A Contractual Offer
Ford Motor (F.N) made a contract offer to the United Auto Workers (UAW) yesterday. The contract offer would provide hourly employees with 15% guaranteed combined wage increases and lump-sums, and improved benefits over the life of the contract, the company said in a statement.
U.S. Offers USD 12 Bln To Automakers
The Biden administration is offering USD 12 billion in grants and loans for auto makers and suppliers to retrofit their plants to produce electric and other advanced vehicles, Energy Secretary Jennifer Granholm publicly declared yesterday.
Wall Street Ends Mixed With Lurking Optimism
The S&P 500 ended lower and the Nasdaq higher yesterday after U.S. inflation data matched estimates, underscoring expectations the Federal Reserve could pause its monetary tightening, while Salesforce climbed following an up upbeat forecast.
Today’s News
Hong Kong is bracing for the strongest storm to hit the city in the last 5 years as Super Typhoon Saola heads directly towards the financial hub.
The local observatory issued the No. 8 storm signal, its third-highest warning, at 2:40 a.m. today and plans to keep it at that level for most of the day. That means Hong Kong’s USD 5 trillion stock market will be temporarily shut, schools will not open and most public transportation will be grounded. All flights will be canceled until further notice.
Chief Secretary Chan Kwok-ki is leading a government task force to deal with the storm. He has also warned residents to stay indoors.
The head of the local observatory speculated that the signal may be raised to the maximum level — no. 10, which would make this the largest storm to hit Hong Kong. Saola, which skirted past the Philippines and Taiwan, has the potential to be the most powerful typhoon to hit Hong Kong since Mangkhut battered the city in 2018. That storm left roads blocked, buildings damaged, and low-lying areas completely flooded.
The latest forecast track has reported that the eye of the typhoon will be passing over the southern part of the city later today or early tomorrow.
Other related news include:
Asian Stocks Advances Despite Hong Kong Emergency
Despite the Hong Kong stock market shut due to the Super Typhoon Saola, stocks in Asia broadly advanced as China rolled out more stimulus to aid its ailing economy and as traders awaited Friday’s jobs reading to gauge the outlook for Federal Reserve policy.
Mainland China shares rose, with financial and real estate stocks becoming the best performers under the CSI 300 and the Shanghai Composite indexes.
Cathay Pacific Grounds All Flights As Saola Approaches
Cathay Pacific Airways Ltd. will halt all Hong Kong flights from 2:00 p.m. today afternoon until 10:00 a.m. on Saturday to monitor the situation as a precautionary measure as Super Typhoon Saola approaches the Asian financial hub, the airline announced last night.
The suspension of flights may last longer depending on the severity of the impact it will leave once the storm passes. Disruptions are imminent for all flights involving Hong Kong — both to and fro.
China Funds Cap Longest Hong Kong Stock Buying Spree
Chinese onshore investors have bought Hong Kong-listed shares on a net basis for eight straight sessions, the longest streak since April, to help boost the sense that stability may be returning to the market.
The buying spree started on August 21, when the Hang Seng Index fell to its lowest level since November amid weak sentiment over lack of potent stimulus to boost the economy. The gauge has gained nearly 5% since then as authorities announced more market-boosting measures.
