Live News: Hollywood Writers Guild to end strike after securing new 3-year contract

What to see in Europe today

Spain: Parliament voted on the bid by Alberto Núñez Feijoo, leader of the country’s conservative opposition Popular Party, to become the next prime minister.

economic indicators: Germany’s GfK consumer climate survey is expected to offer an outlook on sentiment in the eurozone’s largest economy

Result: Updates are expected from Jefferies, Saga and fast-fashion retailer H&M, whose shares suffered losses earlier this month when they published weaker-than-expected sales figures.

Oil prices rise on supply shortages and interest rate concerns

A woman holds a can of petrol in Leyton, east London
Petroleum producers’ cartel OPEC has forecast a supply shortfall this year, while improving economic data from the US and China suggest global demand will rise. © Tolga Ekmen/AFP via Getty Images

Oil prices rose on Wednesday due to supply shortage and fears of interest rate hikes.

International benchmark Brent crude rose 0.9 percent to $94.78, while West Texas Intermediate, the US counterpart, rose by a similar margin to $91.18.

Petroleum producers cartel OPEC has forecast a supply shortfall this year, while signs of better economic performance in the US and China have boosted global demand expectations.

These views outweigh concerns over the US Federal Reserve’s dire warnings that interest rates will need to remain high for longer than initially expected.

Hollywood Writers Guild to end strike after getting new 3-year contract

The Writers Guild of America has secured a new three-year contract after a bitter work stoppage that lasted nearly 150 days, meaning Hollywood will now focus on ending the actors’ strike.

The guild’s western and eastern units voted to accept a deal with the studio. It was later said that the strike would end one minute after midnight on Wednesday.

The authors scored a landslide victory on the use of artificial intelligence. Studios and streamers agreed to pay higher residuals or royalties to writers based on the performance of the streaming show.

Members of the 160,000-strong Screen Actors Guild remain on strike, but hopes are rising that talks will resume once the writers’ strike ends.

Australia’s inflation rate rises due to higher food and petrol prices

Jars of Vegemite spread sit on a grocery store shelf in Melbourne
Australia’s inflation rate accelerated as food and petrol prices rose, the official statistics agency said on Wednesday. © Carla Gottgens/Bloomberg

Australia’s inflation rate accelerated in the 12 months to August as food and petrol prices rose, according to official data released on Wednesday.

The Australian Bureau of Statistics said the consumer price index rose to 5.2 per cent from 4.9 per cent in July. The ABS said annual inflation remains below a peak of 8.4 percent in December 2022.

Robert Carnell, ING’s head of Asia-Pacific research, said “a combination of base effect softening and higher gasoline and food prices” was responsible for the increase after a “surprising decline” in July from 5.4 percent in June.

what to see in asia today

Capital market: The UAE Stock Exchange holds its third international investor roadshow of the year in Dubai Financial Market, Singapore. “We are seeing increasingly strong appetite from global investors who want to access the growing capital markets in Dubai,” said Hameed Ali, chief executive of DFM and Nasdaq Dubai. “So we have decided to hold our third roadshow in Singapore this year.” DFM presented to investors in New York in January and London in June.

events: Howard Lee, Deputy Chief Executive of the Hong Kong Monetary Authority, is the keynote speaker at the ABS Asia, Structured Product Finance conference, which marks a post-Covid comeback at the JW Marriott in Hong Kong. The two-day fintech festival kicked off at Siam Paragon in Bangkok. The Bank of Japan released details of its July monetary policy meeting.

Economic Data: Australia releases August inflation data, while Chinese industrial profits and Japanese machine tool orders are released in the same month.

US Senate proposes government funding deal before deadline

US Senate Majority Leader Chuck Schumer of New York speaking to the media on Capitol Hill.
US Senate Majority Leader Chuck Schumer of New York speaking to the media on Capitol Hill. He said the deal would keep the government funded until mid-November © Maryam Zuhaib/AP

U.S. Senate leaders have reached a deal to keep funding the federal government and avert a shutdown ahead of a deadline coming later this week, but the fate of the compromise measure in the Republican-controlled House of Representatives is uncertain.

The Senate’s top Democrat, Chuck Schumer, announced the deal late Tuesday. The “temporary solution” would keep the government funded until mid-November and provide billions of dollars to support Ukraine’s war efforts and disaster relief for parts of the US devastated by wildfires and floods.

Democrats, who control the Senate by a razor-thin margin, are expected to approve the deal in the coming days.

Costco says retail theft not a ‘big issue’ after better-than-expected results

Retail theft is not a “major issue” at Costco, the company said Tuesday after beating Wall Street’s earnings expectations.

Richard Galanti, the company’s chief financial officer, told analysts that shrinkage — an industry term that includes shoplifting, employee theft, organized retail crime and process mistakes — had increased by a few percentage points year over year, Possibly due to its overuse of self-checkout technology. He said the level of theft was already low.

The comments come as Target announced Tuesday it was closing nine stores due to high levels of “theft and organized retail crime.”

Costco earned $4.86 per share and revenue of $78.9 billion in its fourth quarter, an increase of 8.6 percent year-over-year.

Donald Trump committed fraud by inflating the value of real estate, New York judge rules

Donald Trump, center, welcomes attendees to the 2022 event at the Mar-a-Lago Club
Donald Trump, center, welcomes attendees to a 2022 event at the Mar-a-Lago Club in Palm Beach, a property that a New York judge said had a grossly inflated valuation. © Eva Marie Uzcategui/Bloomberg

A New York judge ruled Tuesday that Donald Trump, his eldest son and their business organization are responsible for excessively inflating the value of properties in Manhattan and Mar-a-Lago, as well as golf courses in the US and Scotland.

Judge Arthur Engoron said Tuesday that the former president and his associates engaged in activity that “can only be considered fraudulent,” and issued sanctions against Trump’s lawyers. He said a jury would determine the penalty.

The order was given days before the hearing of a case brought by the New York Attorney-General.

Read more about Trump’s real estate Here,

US stocks fall due to possibility of higher interest rates

Global stock markets were sold off on Tuesday as investors balked at higher long-term interest rates, while the dollar hit a 10-month high and Treasuries sold off.

Wall Street’s benchmark S&P 500 closed 1.5 percent lower, while the tech-focused Nasdaq Composite dropped 1.6 percent, both falling to their lowest since early June.

The latest decline in stocks comes as investors have increased expectations that the Federal Reserve will keep interest rates high for longer. While traders are mixed on whether the US central bank will raise interest rates by an additional quarter point in this policy tightening cycle, bets on a rate cut in the coming year have diminished.

Read more about market movements Here,

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