Bloomberg - Evening Briefing - Spreading strikes

Bloomberg Evening Briefing

There was little movement in the standoff between Big Auto and unionized workers looking to level up on pay and benefits in what could become one of the more historic American job actions. The United Auto Workers say Stellantis, maker of Jeep and Chrysler models, made a new contract offer, but didn’t reveal any details. That development came as General Motors balked at the union’s demand for a 36% wage increase. GM chief Mary Barra told her salaried staff that the UAW’s demands were too costly. Her company’s current offer is said to raise average yearly compensation to $150,000 a year with benefits. UAW President Shawn Fain, who initially launched the strike against three facilities belonging to Stellantis, GM and Ford, warned more plants will soon face walkouts if the corporations don’t make better offers

Here are today’s top stories

The US Federal Reserve once again did as expected, leaving its benchmark interest rate unchanged while signaling borrowing costs will likely stay higher for longer after one more hike this year. Staying on message, Fed Chair Jerome Powell said “we are committed to achieving and sustaining a stance of monetary policy that is sufficiently restrictive to bring inflation down to our 2% goal over time.” He emphasized the Fed will “proceed carefully” as it assesses incoming data and the evolving outlook and risks—echoing remarks he made at Jackson Hole last month. Nevertheless, markets fell. Here’s your markets wrap.

FedEx, which has terminated more than 10,000 people since last summer, posted profit that topped analyst estimates and raised its earnings forecast thanks to cost cutting, strong pricing and customers who switched to the courier from its main rival on concern over a potential strike.

US House Speaker Kevin McCarthy’s short, rocky tenure leading the GOP conference is headed for more turbulence. Far-right Republicans have revolted against his latest effort to pass a short-term spending bill, leaving the party barreling toward another government shutdown at the end of the month

Ukrainian President Volodymyr Zelenskiy lashed out at Russia for killing tens of thousands of his citizens in his first in-person address to the United Nations Security Council on Wednesday, calling for Moscow to be stripped of its powerful veto as one of the permanent members of the UN’s top decision-making body. “Veto power in the hands of the aggressor is what has pushed the UN into deadlock,” Zelenskiy told council members during a tense session, adding that it is impossible for the body to stop Russia’s invasion of Ukraine because of Moscow’s ability to veto any effort or initiative at the Security Council.

Volodymyr Zelenskiy speaks to the UN Security Council on Sept. 20. Photographer: Spencer Platt/Getty Images

Egypt will switch to sourcing almost half a million tons of wheat from France and Bulgaria after Moscow blocked the supply of Russian grain. It’s the  second time in the past few months that the purchase of Russian wheat by Egypt’s state-run buyer has been thrown into turmoil as authorities in Moscow try to enforce an unofficial price floor.

The Nigerian naira plunged to a record low on the parallel market as shrinking dollar supply from the central bank forced buyers to the street for hard currency. “Importers are everywhere looking for dollars to bring in goods for Christmas sales,” Salisu said. “They’re not getting it at banks.”

Almost half of all young US adults are living with their parents—and they’re not ashamed to say it. Dealt a bad hand—including pandemic lockdowns, high inflation, soaring student debt levels and a shaky job market—young people today are increasingly staying put. What’s more, it’s no longer seen as a sign of individual failure

After graduating from the University of California, Berkeley, and securing a tech job, Lillian Zhang chose to move back home rather than “throw away” her paychecks on an apartment. Photographer: Michaela Vatcheva/Bloomberg

What you’ll need to know tomorrow

Buyers Pounce on $5 Million Palm-Island Homes

Hundreds of buyers scrambled to snap up luxury homes on the largest of Dubai’s palm-shaped islands, where villas are going for 10 times the price of when the project was launched two decades ago. Brokers and investors stood in 100° Fahrenheit (38° Celsius) heat from 6 a.m. Wednesday outside Nakheel PJSC’s sales center. That’s where the government-backed developer is selling hundreds of five-to-seven bedroom villas on the undeveloped Palm Jebel Ali—about 30 miles from downtown Dubai. Homes start at $5.1 million.

Illustration of the Palm Jebel Ali island in Dubai. Source: Nakheel

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