News Briefing - Monday, October 30th 2023
From US Top News and Analysis
Stock futures rebound slightly with the S&P 500 mired in a correction ahead of a big week
U.S. stock futures opened slightly higher as investors brace for a busy week that includes the Federal Reserve rate decision, the October jobs report, and Apple's earnings report. S&P 500 futures increased by 0.3%, while Nasdaq-100 futures rose by 0.4%. Dow Jones Industrial Average futures were up by 0.1%. Last week, the S&P 500 entered correction territory, declining by 2.5% and bringing its total decrease from its 2023 high to 10.6%. The index is down 4% for October, potentially giving it its first three-straight negative month streak since 2020 when the pandemic began. With rising interest rates being a major cause of the stock market correction, investors hope that the Federal Reserve will indicate that it is finished raising rates. Traders anticipate that the Fed will not raise rates for at least the remainder of 2023. The 10-year Treasury yield rose above 5% but ended the week at 4.84%. The October jobs report, set to be released on Friday, will be closely watched, as investors are hoping for signs of a labor market slowdown that would allow the Fed to stay on hold for the rest of the year. Apple will report its earnings on Thursday after the market closes. The tech giant is also in correction territory, down 15% from its 52-week high. The sell-off has primarily affected the Nasdaq Composite and tech shares, as investors believe that they will be most impacted by rising interest rates. The Nasdaq Composite is down over 12% from its 2023 high, solidly in correction territory. Disappointing earnings from major tech firms such as Google-parent Alphabet have contributed to the overall sell-off.
Israel-Hamas war live updates: Thousands break into UN warehouses in Gaza; satellite images show destruction in Gaza
Protests erupted at the main airport in Russia's Dagestan region as hundreds of people stormed onto the landing field to protest the arrival of an airliner from Tel Aviv, Israel. The airport in Makhachkala, the capital of the predominantly Muslim region, was closed, and police were called to the scene. Reports suggest that people in the crowd were shouting antisemitic slogans and attempting to storm the Russian carrier Red Wings airliner. Videos on social media showed protesters waving Palestinian flags, attempting to overturn a police car, and checking the passports of arriving passengers. Israeli Prime Minister Benjamin Netanyahu's office released a statement calling for Russian authorities to protect Israeli citizens and Jews from the rioters and incitement against them. The Russian Ministry of Internal Affairs for the North Caucasian Federal District announced plans to use CCTV footage to identify those involved in storming the airport and bring them to justice.
UAW deal with Ford includes $8.1 billion in investments, $5,000 ratification bonuses
The local United Auto Workers (UAW) union leaders have approved a tentative agreement with Ford Motor, setting the stage for 57,000 UAW-Ford members to vote on the deal. The agreement, announced on Wednesday, includes $8.1 billion in new plant investments by Ford, $5,000 ratification bonuses, 25% compounded wage increases, and improved profit-sharing payments. The UAW leaders highlighted the record-breaking nature of the agreement and its potential to change lives. Some of the major promised investments include $2.1 billion for Ohio Assembly, $1.2 billion for a new electric vehicle at Louisville Assembly in Kentucky, $1 billion in Kansas City Assembly, and $900 million for F-150 production and a new electric truck. The tentative agreement follows targeted strikes by the UAW against Ford, General Motors, and Stellantis after the sides failed to reach deals by the September 14 deadline. The union reached a tentative deal with Stellantis on Saturday but has yet to reach an agreement with GM.
From BBC News - Home
Anti-Israel mob storms Dagestan airport in Russia
Israel has called on Russia to protect all its citizens and Jews after an anti-Israel mob stormed an airport in the Russian republic of Dagestan. Video footage showed a crowd running through the airport in Makhachkala, reportedly seeking people arriving from Tel Aviv. Some of the mob ran onto the runway and surrounded aircraft. Russia’s aviation agency said security forces later brought the situation under control. The authorities have closed the airport and it will stay closed until Tuesday. Sixty people have been arrested. Dagestan is a mainly Muslim area in the North Caucasus. Meanwhile, there have been widespread protests internationally against Israel’s bombing of Gaza.
Portuguese police apologise to Madeleine McCann's parents
Portuguese police have apologized to Kate and Gerry McCann, the parents of missing British child Madeleine McCann, for their handling of the case. Madeleine disappeared from a holiday complex in Portugal's Algarve region in May 2007, and her case remains unsolved. A delegation of senior officers from Portugal traveled to London earlier this year to meet with Gerry McCann and issue an apology for the way detectives investigated the case and treated the family. The police have admitted that their initial investigation was not handled properly and that insufficient importance was given to missing children at the time. The apology comes as the German authorities, who believe that a German national named Christian Brueckner killed Madeleine, continue their investigation into her disappearance. Brueckner, who is currently serving a prison sentence for unrelated crimes, has been named a formal suspect in the case.
Thurrock tower block scaffolding 'is a ladder for cat burglars'
Residents of a tower block in Thurrock, Essex, have expressed concern about the presence of scaffolding around the buildings, which they argue has facilitated a rise in criminal activity. Following a period of indefinite delay due to a dispute with the council’s contractor, Axis, work on recladding and window replacement in the Seabrook Estate towers was abandoned. Since then, residents claim the scaffolding has been used both by children as a climbing frame and by criminals searching for unlocked windows. In one incident, a man died after being attacked by a group climbing the scaffolding. This is not the sole instance of security concerns surrounding the council, with some asserting that homelessness and delayed bin collections further endanger residents.
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Trump pleads not guilty to 34 felony counts
Former President Donald Trump's arraignment on Tuesday in a New York state court will not be televised, ruled Acting New York Supreme Court Judge Juan Merchan. Although arraignments are generally public proceedings, news cameras are typically not allowed inside the courtroom. However, the judge will permit five pool photographers to take pictures at the start of the proceedings before being asked to vacate the jury box. Several media organizations, including CNN, had requested permission to broadcast the historic proceedings but were denied. Trump's lawyers had urged the judge to reject the media's request for live cameras, while the Manhattan District Attorney's office did not take a position. Trump was indicted by a grand jury last week, and the arraignment is expected to reveal the criminal charges against him related to hush-money payments made during the 2016 campaign. The former president denies any wrongdoing and has vowed to fight the charges.
Haberman reveals why Trump attacked judge and his family in speech
In a recent speech at his Mar-a-Lago resort, former President Donald Trump launched a scathing attack on a judge and his family. CNN political contributor Maggie Haberman provides some insight into the reasoning behind Trump's actions. According to Haberman, Trump's attacks can be seen as part of a larger pattern of behavior designed to delegitimize the justice system whenever it does not rule in his favor. Haberman suggests that Trump views individual judges as extensions of the system that he believes has unfairly targeted him. By attacking judges and their families, Trump seeks to discredit their rulings and create doubt in the minds of his supporters about the integrity of the justice system as a whole. Haberman's analysis sheds light on the motivations behind Trump's controversial speech, revealing a strategic effort to undermine the credibility of the judicial branch.
Russian authorities detain suspect over St. Petersburg cafe blast
Ukraine has received the first tranche of $2.7 billion from a new International Monetary Fund (IMF) program. The program, known as the Extended Fund Facility (EFF), aims to support Ukraine's economic recovery and promote long-term growth. The IMF approved a four-year extended arrangement of around $15.6 billion as part of a total support package of $115 billion for Ukraine. This marks the first major conventional financing program approved by the IMF for a country involved in a large-scale war. However, the risks to the arrangement are considered "exceptionally high" due to the size and timing of external financing required to close fiscal and external financing gaps. The success of the program will depend on the implementation of fiscal policies, structural reforms, and governance improvements in Ukraine.