Category: Economy

Oil plummets 6% as Saudi minister says supplies fully restored

WallStreetReview
Oil plummets 6% as Saudi minister says supplies fully restored
NEW YORK (Reuters) – Oil prices tumbled about 6% on Tuesday after Saudi Arabia’s energy minister said the country has managed to restore oil supplies to where they stood before weekend attacks on its facilities shut 5% of global oil output. oil tankers sit anchored off the Fos-Lavera oil hub near Marseille, France, September 17. REUTERS/Jean-Paul Pelissier Saturday’s attacks raised... Read More

Oil plummets 6% as Saudi oil minister says production fully restored

WallStreetReview
Oil plummets 6% as Saudi oil minister says production fully restored
NEW YORK (Reuters) – Oil prices dropped about 6% on Tuesday after Saudi Arabia’s energy minister said the kingdom has fully restored its oil production hit by an attack this weekend that shut 5% of global oil output. Oil pump jacks work at sunset near Midland, Texas, U.S., August 21, 2019. REUTERS/Jessica Lutz Saturday’s attacks raised the specter of a... Read More

U.S. manufacturing production rebounds, outlook remains weak

WallStreetReview
U.S. manufacturing production rebounds, outlook remains weak
WASHINGTON (Reuters) – U.S. manufacturing output increased solidly in August, boosted by a surge in the production of machinery and other goods, but the outlook for factories remains weak amid rising headwinds from trade tensions and slowing global economies. FILE PHOTO: A production line employee works at the AMES Companies shovel manufacturing factory in Camp Hill, Pennsylvania, U.S. on June... Read More

Divided Fed set to cut interest rates this week, but then what?

WallStreetReview
Divided Fed set to cut interest rates this week, but then what?
SAN FRANCISCO (Reuters) – Deep disagreements within the Federal Reserve over the economic outlook and how the U.S. central bank should respond will not stop policymakers from cutting interest rates at a two-day meeting that begins on Tuesday. FILE PHOTO: Federal Reserve Board Chairman Jerome Powell testifies before a Senate Banking, Housing and Urban Affairs Committee hearing on the “Semiannual... Read More

U.S. crude export demand surges after attack on Saudi facilities

WallStreetReview
U.S. crude export demand surges after attack on Saudi facilities
NEW YORK/HOUSTON (Reuters) – U.S. crude export demand at the Gulf Coast surged on Monday, traders said, as the window to export crude profitably to Asia and Europe was thrown open after attacks on Saudi Arabia’s oil facilities took out 5% of global oil supplies. The attack knocked out about half of Saudi Arabia’s oil production and damaged the world’s... Read More

Workers picket GM plants as UAW contract talks resume

WallStreetReview
Workers picket GM plants as UAW contract talks resume
DETROIT (Reuters) – Negotiators for General Motors Co and the United Auto Workers resumed talks Monday at 10 a.m. EDT to resolve a strike that shut down the automaker’s highly profitable U.S. operations. FILE PHOTO: United Auto Workers (UAW) Vice President Terry Dittes (2nd R) and National Bargaining Committee Chair Ted Krumm (R) wait to address the media about the... Read More

UAW workers head for picket lines in first national strike against GM since 2007

WallStreetReview
UAW workers head for picket lines in first national strike against GM since 2007
DETROIT/WASHINGTON (Reuters) – The United Auto Workers (UAW) went on strike at General Motors just after midnight Sunday and about 48,000 hourly workers at its facilities are headed for the picket lines in the morning, union officials said early Monday. U.S. labor contract talks reached an impasse on Sunday, the and the UAW called for the first nationwide strike at... Read More

Fed trades ‘remarkably positive’ for ‘no precedents’ after volatile year

WallStreetReview
Fed trades ‘remarkably positive’ for ‘no precedents’ after volatile year
WASHINGTON (Reuters) – A year ago, U.S. Federal Reserve Chair Jerome Powell held a “remarkably positive outlook” for an economy enjoying a “historically rare” combination of good news including low unemployment, steady inflation and strong growth that were all expected to continue. FILE PHOTO: Federal Reserve Board Chairman Jerome Powell testifies before a Senate Banking, Housing and Urban Affairs Committee... Read More

As talks falter, UAW calls first national strike against GM since 2007

WallStreetReview
As talks falter, UAW calls first national strike against GM since 2007
DETROIT (Reuters) – The United Auto Workers (UAW) said on Sunday that its roughly 48,000 hourly workers at General Motors Co facilities would go on strike as of midnight Sunday after U.S. labor contract talks reached an impasse, the first nationwide strike at GM in 12 years. A member of United Auto Workers, Aramark workers, carries a strike sign outside... Read More

UAW calls first nationwide strike against GM since 2007

WallStreetReview
UAW calls first nationwide strike against GM since 2007
DETROIT (Reuters) – The United Auto Workers (UAW) said on Sunday that its roughly 48,000 hourly workers at General Motors Co facilities would go on strike as of midnight Sunday after U.S. labor contract talks reached an impasse, the first nationwide strike at GM in 12 years. A member of United Auto Workers, Aramark workers, carries a strike sign outside... Read More