Financial Daily Dose 10.17.2019 | Top Story: GM and UAW Reach Tentative Deal to End Month-long Strike


Good news out of Detroit late yesterday, with officials from General Motors and the United Autoworkers Union striking a “tentative agreement on a new labor contract that could end the monthlong strike that has idled G.M. plants across the Midwest and the South.” The UAW’s local officials will meet this morning to vote on whether to accept the deal and end the strike – NYTimes and WSJ and Bloomberg

EU and UK negotiators are slapping a happy face on recent Brexit negotiations and the draft agreement between the two sides announced this morning—all despite the specter of another failure to secure UK parliamentary approval looming large – WSJ and Bloomberg and NYTimes

The FCC has given final approval to the T-Mobile/Sprint merger thanks to a party-line vote on Wednesday, “closing the FCC’s review with an order that also includes language holding Sprint liable in connection with an ongoing investigation” into the Lifeline subsidy program – Law360

Another angle on the interim US/China trade pact—namely, the reality that the still-not-final deal may help cool tensions between the two countries but hasn’t done much of anything to bring certainty to the global economy – NYTimes

The Journal breaks down the breakdown of Facebook’s Libra efforts, from governmental scrutiny to fleeing partners and all the stressed out Zuck in between – WSJ

How’s the US economy doing, really? It depends of which mixed signal you’re tracking. The same week we learned that US retail sales fell .3% for the month prior, we also learned that the housing market index hit its best level since February 2018. Sooooo . . . good luck, I guess? – Bloomberg

NY state judge Barry Ostrager dispatched with “a bevy of pretrial motions Wednesday in the New York attorney general’s lawsuit claiming that Exxon Mobil defrauded investors by hiding the risks posed by climate change” and set the stage for a bench trial in the matter to begin next week – Law360

Alcoa is shopping non-core assets in hopes of raising $500 million to a billion in proceeds after “reporting its worst streak of quarterly losses since at least 2016” – Bloomberg and WSJ and MarketWatch

Ken Fisher’s eponymous Fisher Investments is reeling in the wake of recent offensive comments from the firm’s founder at the Tiburon CEO Summit, with investor outflows nearly hitting $1 billion in recent weeks – Bloomberg

We’ve got more on Margarethe Vestager’s recent use of the rarely employed “interim measures”—that’s an injunction to the rest of us—against Broadcom while her EU anticompetition department investigates the chipmaker’s use of exclusionary terms to “block customers from using products made by rivals” – NYTimes and Law360

The Federal Reserve has officially kicked off its non-QE balance sheet expansion, with the New York Fed buying up $7.5 billion in Treasury bills yesterday, the same day it injected another $75 billion “in overnight liquidity into financial markets” – WSJ

Under Armour’s teamed up with Virgin Galactic to design a space jumpsuit for the rest of us. The rest of us with a spare $250k kicking around, that is – NYTimes


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