Newsletter Oct 27, 2023

Quick Six

US economy heated up in Q3, holding off potential recession
The US economy heated up in the third quarter, government data showed on Thursday, as a resilient job market helped boost consumer spending, holding off the prospect of a recession. GDP growth came in at an annual rate of 4.9%, the quickest pace since late-2021, according to Commerce Department figures. The latest GDP figure is a significant bump from the second quarter's 2.1% growth and much higher than the 4.0% figure analysts expected.
WHAT GDP NUMBERS SAY ABOUT ODDS OF A RECESSION

Ford estimates UAW strike costs company $1.3 billion in Q3
Ford on Thursday became the first of Detroit's "Big Three" to reach a tentative agreement with the UAW, with both General Motors and Stellantis still facing a stoppage. The agreement, which includes a 25% wage increase for hourly employees, followed a UAW walkout that took down three key company plants responsible for many of Ford's most profitable vehicles. The UAW agreement must be approved by rank-and-file workers in a vote.
HOW FORD AND UAW AVOIDED A MORE COSTLY STRIKE

Amazon reports quarterly profit approaches $10 billion mark
Online retail colossus Amazon on Thursday reported profit of $9.9 billion in the recently ended quarter on growing sales and more efficient deliveries. Sales reached $143.1 billion in the recently ended quarter, up 13% from the same period last year, according to Amazon. Amazon shares rose more than 3% to $123.68 in after-hours trades that followed release of the earnings figures.
SEE HOW AMAZON PERFORMED IN ITS CLOUD DIVISION

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Markets

DJIA	32,784.30	-0.76%
S&P 500	4,137.23	-1.18%
Nasdaq Composite	12,595.61	-1.76%
Japan: Nikkei 225	30,601.78	-2.14%
UK: FTSE 100	7,354.57	-0.81%
Crude Oil Futures	83.50	-2.21%
Gold Futures	1,995.00	0.01%
Yen	150.38	-0.01%
Euro	1.06	0.02%
* As of market close

Israel readies for ground incursion of Gaza

Fighting in the war-torn Gaza Strip raged for a 20th day Thursday after Hamas militants launched a surprise attack on Israel, killing at least 1,400 people, mostly civilians, according to Israeli officials. Since the Oct. 7 attack, Gaza's Hamas-run health ministry says more than 7,000 Palestinians have been killed by Israel's attacks. EU leaders called for "humanitarian corridors and pauses" in order to get aid into Gaza, but the bloc fell short of the demands from the UN for a formal "ceasefire".

GET THE LATEST INFORMATION FROM THE ISRAEL-HAMAS WAR

Global fossil fuel use to peak by 2030: IEA

The world will experience its maximum demand for oil, natural gas and coal, the three major fossil fuel sources, before 2030. That's the main finding of the International Energy Agency in its World Energy Outlook report, the organization's flagship annual publication on all aspects of global, regional and selected national energy markets. This is the first time that fossil fuels demand is projected to begin receding by 2030.

SEE THE FACTORS MAKING FOSSIL FUELS THINGS OF THE PAST

'Last' Beatles song set for release next week

A much-anticipated "new" Beatles record, created with the help of artificial intelligence, will be released next week on Nov. 2, former band members Paul McCartney and Ringo Starr revealed Thursday. "Now And Then", first written and sung by ex-Beatle John Lennon and developed by the rest of the band, has now been finally finished by McCartney and Starr -- and AI -- decades after its original recording.

SEE HOW AI WAS USED TO REUNITE BEATLES FOR 'LAST' SONG

Extra point

Before they became known as The Beatles, what was the band's name?

Thursday's answer: Reese's Peanut Butter Cups is the top-selling Halloween candy in the US and the most popular candy bar brand in the world, generating more than $2 billion in annual sales worldwide.

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