Global Markets: UAW submits counterproposal to Ford

WINNIPEG – The following is a glance at the news moving markets in Canada and globally.

– United Auto Workers (UAW) made a labour contract counterproposal to Ford Motor Company regarding economic issues on Wednesday, while Chrysler’s parent company Stellantis said it will make a counteroffer later this week. Four-year labour agreements with 146,000 workers at Ford, General Motors (GM) and Stellantis are set to expire on Sept. 14 with 97 per cent of UAW’s members voting in favour of strike action. Ford offered a nine per cent wage increase last week, while workers were seeking a 46 per cent raise. The UAW will meet with GM on Thursday. The union’s demands include a 20 per cent immediate wage increase followed by four five per cent annual wage hikes, defined-benefit pensions for all workers, 32-hour work weeks and additional cost of living hikes.

– United States Secretary of State Antony Blinken continued his two-day visit to Ukraine on Thursday, where he met with a demining team and visited a school that once served as a prison when Russia took control of the village. On the same day, the port city of Izmail was attacked by Russian forces for the fourth time in five days in a campaign to hinder Ukraine’s abilities to export grain. Ukraine’s military said it shot down 25 out of 33 Russian drones overnight, most of them in the Odesa region.

– Statistics Canada said on Wednesday that Canada’s trade deficit totalled C$987 million in July compared to a revised figure of C4.9 billion in June. Largely due to the 13-day strike at British Columbia ports this summer, total imports in July fell 5.4 per cent while total exports rose 0.7 per cent. Canada’s trade deficit with countries other than the U.S. narrowed to C$8.4 billion in July compared to C$11.4 billion in June. Canada’s trade surplus with the U.S. grew from C$6.4 billion in June to C$7.4 billion in July.

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