Stocks post broad gains…GM CEO joins talks…IMF downgrades outlook
NEW YORK (AP) – Stocks are broadly higher on Wall Street as investors found things to like in the first batch of third-quarter corporate earnings reports. UnitedHealth Group, the nation’s largest insurer, jumped 5.4% after again raising its 2019 earnings forecast. JPMorgan Chase rose 2% after reporting results that easily beat analysts’ forecasts, thanks partly to higher interest rates and solid gains in investment banking.
DETROIT (AP) – A person briefed on the talks says General Motors CEO Mary Barra is joining negotiators at the bargaining table, a sign that an agreement may be near to end a monthlong strike. Barra was with company President Mark Reuss (roys). About 49,000 members of the United Auto Workers union walked off their jobs Sept. 16 after their four-year contract expired. The strike has shut down all of GM’s U.S. factories and hampered production in Canada and Mexico.
WASHINGTON (AP) – The International Monetary Fund is further downgrading its outlook for the world economy, predicting that growth this year will be the weakest since the 2008 financial crisis primarily because of widening global conflicts. The IMF’s latest World Economic Outlook foresees a slight rebound in 2020 but warns of threats ranging from heightened political tensions in the Middle East to the threat that the United States and China will fail to prevent their trade war from escalating.
LUXEMBOURG (AP) – The European Union says a Brexit divorce deal is still possible ahead of this week’s EU summit – but only if the British government makes more compromises to seal an agreement in the coming hours. Even though many questions remain, diplomats made it clear that both sides were for the first time within touching distance since an earlier U.K. withdrawal plan fell apart in the British House of Commons in March.
LONDON (AP) – Official figures suggest that the U.K. labor market is weakening amid all the Brexit uncertainty. The Office for National Statistics says the number of people in work dropped by 56,000 in the three months to August from the previous three-month period to 32.69 million. That’s the biggest decline since the spring of 2015.