Market Talk – Wednesday, September 11

Some economic news from Europe today:

Spain:

  • Spanish Industrial Production (YoY) (Jul) decreased from 1.6% to 0.8%

US/AMERICAS:

Today marks the 18th anniversary of 9/11 – the deadliest terrorist attack in American history that claimed 2,983 lives. Flags across the country were flown at half-mast to remember the men, women, and children who lost their lives.

After extending an olive branch to the Taliban to begin peace negotiations, the Taliban ignited a car bomb that killed 11 people including one US soldier. The peace negotiations, set to take place at Camp David, were promptly called off. “They thought they would use this attack to show strength, but actually what they showed is an unrelenting weakness,” President Trump stated. It is still unclear whether the US will completely withdraw troops from the region.

California’s state senate passed a bill that could transform the way rideshare companies like Uber and Lyft operate. Once considered independent contractors, the bill will grant workers employee status, thereby enabling drivers to receive a minimum wage, paid sick leave, overtime pay, worker’s comp, and other benefits. Both Lyft and Uber are poised to fight the legislation, stating that the changed status would significantly impact their business model and overall profits.

“Canadians once again get to vote for the country they want to live in,” Canadian PM Justin Trudeau stated today. Trudeau, backed by the Liberal Party, is campaigning for re-election, but not without some stiff competition. Recent polls show close support for both Trudeau and opposing Conservative Party candidate Andrew Scheer. The Liberal Party recently launched an attack against Scheer, noting his past opposition to same-sex marriage and abortion. Trudeau is under fire for multiple ethical missteps during his reign, including the handling of the SNC-Lavalin debacle and selling arms to Saudi Arabia. With only five weeks of campaigning, the next general election will be held on October 21.

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