- September 15, 2023
- Posted by: legaleseblogger
- Category: Related News
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Today’s Top Stories
The top stories for today include the launch of a historic strike by the United Auto Workers (UAW) at the big three automakers, and the impact of triple witching day on the stock market.
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UAW Launch Historic Strike at Big Three Automakers
The United Auto Workers (UAW) has made an unprecedented move by launching a targeted strike at all three of the legacy Detroit carmakers. This strike is expected to have significant implications for Canada and could potentially result in prolonged negotiations surrounding wages and job security.
After the midnight deadline for a new contract passed, UAW workers walked out on Ford Motor Co., General Motors Co., and Stellantis NV plants, impacting production of Bronco SUVs, Chevrolet Colorado pickups, and Jeep Wrangler SUVs respectively. UAW President Shawn Fain announced this historic action, stating that they will be striking all three of the big automakers simultaneously for the first time in history.
The strike deadline for Canadian auto workers’ talks with Ford Motors Co. is looming on Monday, adding further pressure to the situation.
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Before the Bell
This morning, the stock market experienced a rally due to better-than-expected economic data from China. The positive results have sparked optimism about the effectiveness of stimulus measures.
However, it is essential to exercise caution as it is also triple witching day, a rare event that occurs four times a year. On this day, the expiration of stock options, stock index futures, and stock index options coincide, often leading to increased trading volume and market volatility.
MarketWatch reports that today’s triple witching day is on track to be the largest September expiry in history, involving contracts associated with approximately US$3.4 trillion worth of U.S. stocks, ETFs, and indexes. Traders and investors should be prepared for potential market fluctuations.
What to Watch Today
Today’s Data: Today’s key data includes Canada’s manufacturing sales for July and International Securities Transactions. In the United States, the focus will be on U.S. trade price indices, Empire State Manufacturing Survey, and University of Michigan Consumer Sentiment Index.
Additional reporting by The Canadian Press, Associated Press, and Bloomberg.
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