Global shares higher…Deere employees on strike
TOKYO (AP) – Global shares are mostly higher, with European benchmarks tracking gains in Asia. Stocks rose today in Paris, London and Tokyo, while Shanghai shares were little changed after the release of data showing producer price inflation at a record high 10.7% in September, mainly due to surging coal prices. Singapore’s Monetary Authority tightened its policy, citing price pressures. Concerns about inflation and how price pressures might affect central bank policy, consumer spending and corporate profits remain a key focus for investors. Economists have been trimming economic growth estimates in response. Oil prices resumed their upward push, while the yield on the 10-year Treasury was steady at 1.54%.
FORT WORTH, Texas (AP) – United Airlines employees who are suing the airline over its vaccine mandate will get more time to make their case. A federal judge in Texas ordered United not to place unvaccinated employees on unpaid leave if they are seeking a medical or religious exemption from mandatory vaccination against COVID-19. The judge said he was acting because United promise not to act against the unvaccinated employees will expire before he can issue a ruling in the case.
MOLINE, Ill. (AP) – More than 10,000 Deere & Co. workers are on strike after negotiators couldn’t deliver a new agreement. The United Auto Workers says “members struck at midnight October 14, after the company failed to present an agreement that met our members’ demands and needs.” The vast majority of the union rejected a contract offer earlier this week that would have delivered 5% raises to some workers and 6% raises to others.
UNDATED (AP) – A California judge has partially blocked an order taking effect this week that requires state prison employees to be vaccinated against the coronavirus. A Kern County judge issued a temporary restraining order that prevents enforcement of the vaccination mandate for unionized guards. The mandate is due to take effect Friday and it will still apply to other workers at prisons that have health care facilities. The mandate is aimed at preventing another coronavirus outbreak like one that killed 28 inmates and a correctional officer at San Quentin State Prison last year.
BERLIN (AP) – Germany’s leading economic institutes have slashed their forecast for Europe’s biggest economy. They say that output is being held back by global supply bottlenecks and lingering restraints on personal contact amid the pandemic. The experts cut their growth forecast for this year to 2.4% from the 3.7% they had forecast earlier this year. But they raised the 2022 growth forecast to 4.8% from 3.9%. Germany’s manufacturing and export-heavy economy has been hit by shortages of a range of parts and raw materials as global supply chains struggle to cope with the rebound in demand post-pandemic as well as by higher input prices.