UNITED STATES
- GM is laying off 14,300 employees and closing seven factories
- The car industry is changing, all the top selling sedans in America are Japanese (Camry, Civic, Accord, Corolla, Altima, and Sentry)
- US auto factories have extra capacity in excess of 3.2 million vehicles, meaning more factory closures are likely
- Ford will be cutting back production to just two vehicles, the Mustang and the Focus Active
- Tariffs have also weighed heavy on the industry, contributing $700million in excess steel costs to GM alone
- The Dallas Fed Manufacturing Report came in weaker than anticipated (Expected 24.5 | Actual 17.6)
- The Index of Hours Worked in Texas is down sharply as well
- Things appear to be slowing down in Texas
- On the flip side, the Chicago Fed's National Activity Index shows things picking up at the national level
OTHER
- George Soros will close his Open Society Foundation offices in Turkey after Turkey's president accused "the famous Hungarian Jew Soros" of dividing and destroying nations
- Shell and Eni are at the center of a bribery scandal in Niger. The companies were found to have been given favorable treatment to explore in the Niger Delta
- Mexican markets are at their lowest levels since 2014
- Saudi Arabia is pumping record amounts of oil despite already low prices
CHINA
- Goldman Sach's China Activity Index continues its descent
- Demand for new automobiles has fallen steadily
- China has dropped imports of US crude oil to zero
Submitted November 27, 2018 at 07:20AM by ogordained https://ift.tt/2Sa7obE
