Latest News and Updates: Unifor Sets Deadline for GM Negotiations and Potential Auto Plant Strikes

2023-09-29 15:07:08

Published at 08:32, updated at 08:38

(Illustration: Camille Charbonneau)

THE ESSENTIAL NEWS

• Unifor sets October 9 as deadline for negotiations with GM. Canadian union Unifor said Thursday it had informed General Motors that the deadline to negotiate a deal with the U.S. automaker had been set for Oct. 9.

• Strikes could shut down other Big Three auto plants in Detroit on Friday. United Auto Workers union President Shawn Fain is expected to launch strikes at other Detroitig Three auto plants in D unless last-minute progress is made in negotiations that have been moving slowly since last week.

• Intransigent Republicans are pushing the American government toward “shutdown.” The US federal government was two days away from a partial shutdown, as a handful of hardline House Republicans refused to support a bipartisan spending bill intended to give lawmakers more time to negotiate a deal for the whole year.

• Tesla’s deliveries are expected to fall due to factory closures and weak demand. Tesla may fail to meet third-quarter delivery estimates due to planned factory closures and weak demand that has led the automaker to increase discounts, several Wall Street analysts warned ahead of the release of the report which could take place as early as Sunday.

• Apple and China met to discuss Beijing’s measures against Western apps — WSJ. According to the Wall Street Journal, Apple staff have met with Chinese officials in recent months to discuss concerns over new measures that will prevent the US tech giant from offering many foreign apps currently available on its app store.

TRENDS BEFORE OPENING

Futures for Canada’s main stock index are rising Friday, supported by a rise in oil prices, while investors remain cautious ahead of the release of domestic GDP data and the U.S. inflation report. Wall Street futures are also rising as Treasury yields have declined after hitting multi-year highs. European stocks are progressing in turn, driven by the rise in luxury values. Japan’s Nikkei ended lower, hit by the shipping and energy sectors, and posted its worst quarterly performance since mid-2022. Gold edged higher, while the US dollar gained is relaxed.