Shares of industrial and transportation companies saw a boost following positive jobs and factory data. This comes as the U.S. Labor Department reported that employers added 187,000 jobs in the last month. However, it is worth noting that payroll figures for June and July were revised down by a combined 110,000.
Manufacturing Activity Shows Improvement
The Institute for Supply Management revealed that U.S. manufacturing activity experienced a notable 1.2 point increase to reach 47.6 in August. This increase is seen as a positive sign for U.S. trade.
Solidarity in West Coast Ports
In a significant development for U.S. trade, the International Longshore and Warehouse Union ratified a new, six-year contract that covers dockworkers at West Coast ports. This brings an end to over a year of uncertainty at one of the nation's largest ocean-shipping ports.
Challenging Times for VinFast Auto
On the other hand, Vietnamese electric-car maker VinFast Auto continues to face a challenging time as its shares experienced a significant plunge amidst ongoing volatility.
Salzgitter Facing Earnings Guidance Suspension
Salzgitter, a company holding a 29.99% stake in Aurubis, announced the suspension of its earnings guidance for 2023. This comes after Aurubis downgraded its outlook, leading to uncertainties regarding future performance.
United Auto Workers Union Raises Concerns
The United Auto Workers union has accused General Motors and Jeep-maker Stellantis of not engaging in good faith negotiations. These accusations come just two weeks before labor contracts with Detroit automakers are set to expire.