BOJ governor Ueda to travel to Jackson Hole for Fed conference
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Reuters
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- Reuters
Boeing Defense workers hold out for better deal, keeping fighter jet production idle
Aug 21 (Reuters) - Top machinists union officials and a Democratic congressman joined striking workers outside a Boeing Defense facility near St. Louis on Thursday, pressing the company for a contract closer to an agreement reached with its Seattle-area workers. However, Boeing's (BA.N), opens new tab top St. Louis executive, Dan Gillian, on Thursday defended the company's offer that was rejected by the 3,200 members of the International Association of Machinists and Aerospace Workers (IAM) District 837. The workers went on strike on August 4, shutting down production of the F-15 and F/A-18 fighters. "Our offer was strong then and is strong now with an average of 40% wage growth,' Gillian said in a statement on Thursday. There currently is no plan to resume negotiations, officials on both sides said. "The IAM is ready to meet with Boeing," IAM International President Brian Bryant told Reuters. Bryant was among the union leaders who joined the striking workers in picketing, along with U.S. Rep. Wesley Bell, a Missouri Democrat, who represents the area. Workers want a contract offer with higher general wage increases, to speed up how long it takes to reach the top of the wage scale, and improvements to the company's 401(k) retirement plan, Bryant said. "In reality, they're going to have to offer up the same thing they offered in Seattle," he said, referring to a four-year contract approved in November by the roughly 33,000 members of the IAM District 751, who assemble most of Boeing's jetliners in the Northwest. That contract included a 38% general wage increase over four years, plus higher retirement plan contributions, restoration of an annual bonus, a $12,000 signing bonus, and a pledge to build Boeing's next commercial jet in the Seattle area, if the program is launched within the contract's duration. The offer rejected by St. Louis-area workers included a 20% general wage increase, a $5,000 ratification bonus and more vacation time and sick leave.
Reuters
13 minutes ago
- Reuters
Asian shares choppy, dollar steady as traders await Powell speech
SINGAPORE, Aug 22 (Reuters) - Stocks in Asia edged higher in a shaky start on Friday as anxious traders awaited a speech from Federal Reserve Chair Jerome Powell at the annual Jackson Hole symposium. Financial markets are looking out for Powell to provide clues about the likelihood of a September rate cut in the wake of recent signs of job market weakness and the near term outlook for policy. "Markets are on edge ahead of the all-important Jackson Hole speech," said Carol Kong, an economist and currency strategist at Commonwealth Bank of Australia in Sydney. S&P 500 futures added 0.1% after a five-day losing streak on Wall Street, which left the cash gauge of U.S. equities on track for its biggest one-week decline this month. It was a different story in the region, with MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab up 0.1%, extending gains to 1.5% so far this month. South Korea's Kospi index (.KS11), opens new tab led the charge, rising 1.1%. The Nikkei 225 (.N225), opens new tab veered between gains and losses, and was last trading flat. The yen held steady at 148.45 against the U.S. dollar after data showed Japan's core consumer prices in July exceeded analysts' estimates and the Bank of Japan's inflation target. The U.S. dollar index , which tracks the greenback against a basket of currencies of major trading partners, was steady at 98.60 after four consecutive days of gains, as traders parsed speeches from Fed officials who appeared lukewarm to the idea of an interest rate cut next month. Traders had ramped up bets for a September cut following a surprisingly weak payrolls report at the start of this month, and after consumer price data showed limited upward pressure from tariffs. However, market pricing pulled back slightly following the release of minutes from the Fed's July meeting. Traders are now pricing in a 75% probability of a cut in September, down from 82.4% on Thursday, according to the CME Group's FedWatch tool. The most likely scenario is that Powell won't provide "any definitive clues" on what the Fed will do next ahead of critical non-farm payrolls and CPI data, Kong said. "Given where the current market is, the risk is a stronger U.S. dollar, especially if he challenges the current market pricing of a 25-basis-point cut." Traders are assessing signs that U.S. economic activity picked up pace in August, with PMI data from S&P Global showing the strongest growth in manufacturing orders in 18 months. But the labour market also highlighted pockets of weakness, as the number of Americans filing new applications for jobless benefits rose by the most in about three months last week and the number of people collecting unemployment relief in the prior week climbed to the highest level in nearly four years. The euro added 0.1% as the EU and the U.S. set out details of a framework trade deal struck in July. Oil prices edged lower, with Brent crude last trading at $67.64 per barrel, after strong gains on Thursday as Russia and Ukraine blamed each other for a stalled peace process, and U.S. data showed signs of strong demand in the top oil consuming nation. Gold was slightly lower, with spot bullion flat at $3335.41 per troy ounce.
Reuters
13 minutes ago
- Reuters
Nvidia orders suppliers to halt work on China-focussed H20 AI chip, The Information says
Aug 21 (Reuters) - Nvidia (NVDA.O), opens new tab has told some component suppliers to suspend production of its H20 AI chip, designed specifically for the Chinese market, the Information reported on Thursday, citing two people with direct knowledge of the communications. According to the report, Nvidia instructed Arizona-based Amkor Technology (AMKR.O), opens new tab to stop production of the H20 chips this week and also notified South Korea's Samsung Electronics ( opens new tab. Amkor handles advanced packaging for the chip, while Samsung Electronics supplies high-bandwidth memory chips for the model. Neither companies immediately responded to a Reuters request for comment. Meanwhile, Nvidia spokesperson said in a statement, "We constantly manage our supply chain to address market conditions." "As both governments recognise, the H20 is not a military product or for government infrastructure. China won't rely on American chips for government operations, just like the U.S. government would not rely on chips from China," it said. This comes as Chinese authorities last week summoned domestic companies, including major internet firms Tencent ( opens new tab and ByteDance, over their H20 chip purchases, expressing concerns over information risks.
