Most stocks higher…Study: Car safety features save
UNDATED (AP) – Most major stock markets rose today after Wall Street surged to its biggest daily gain since July despite uncertainty about the global outlook. In early trading, the FTSE 100 in London gained 0.7% and the DAX in Frankfurt added 1.4%. The CAC 40 in France added 1.6%. In Asia, the Shanghai Composite Index closed 0.6% lower. The Nikkei 225 in Tokyo gained 0.9%. The Hang Seng in Hong Kong lost 0.5%. The Kospi in Seoul advanced 1.3%. On Wall Street, S&P futures are up less than 0.1% and Dow futures are up 0.2%.
WASHINGTON (AP) – The federal budget deficit is projected to hit a record $3.3 trillion as huge government expenditures to fight the coronavirus and to prop up the economy have added more than $2 trillion to the federal ledger. The word comes from the Congressional Budget Office. The projected deficit is more than triple the 2019 shortfall and more than double the levels experienced after the market meltdown and Great Recession of 2008-2009.
UNDATED (AP) – United Airlines plans to furlough about 16,000 employees in October as the pandemic continues to hammer air travel continues. Still, that’s fewer furloughs than United predicted in July, when it warned 36,000 employees that they could lose their jobs. The number of furloughs is being reduced because thousands of United employees have taken early retirement, buyouts, or long-term leaves of absence. The furloughs would be postponed if Washington were to approve billions more in payroll aid to the nation’s airlines. United has already received $5 billion which came with a prohibition on furloughs or layoffs until Oct. 1.
BOSTON (AP) – Housing advocates say the Trump administration’s surprise national moratorium on evictions only delays an inevitable wave of homelessness. And an attorney representing landlords questions whether the measure is aimed at voters ahead of the November election. The order announced Tuesday stops many evictions until the end of the year. But housing advocates say that without rent relief and billions of dollars for landlords, it only delays a wave of debt and homelessness. As it stands, people who qualify will still be on the hook for back rent on Jan. 1. Meanwhile, landlords would have little recourse to collect badly needed income.
DETROIT (AP) – A new study says that safety features such as automatic emergency braking and forward collision warnings could prevent more than 40% of crashes in which semis rear-end other vehicles. The Insurance Institute for Highway Safety also found that when crashes happen, the systems cut the speeds by 50%, reducing damage and injuries. The institute is a research group supported by auto insurers. It calling on the federal government to require the systems on new large trucks and says many truck fleet operators are already adding emergency braking on their own.