Today's financial news

Thursday 6th July

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With US markets stalling again, there’s fears that UPS could grind the economy to a halt

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US unemployment figures

Federal Reserve minutes were released yesterday, revealing the discussions that took place during the big meeting around interest rates. The lack of confidence the key players feel in falling inflation, and the need to continue to increase interest rates, has left markets uncertain. We’re also expecting the US’ initial jobless claims data today and the non-farm payrolls due tomorrow, both of which are crucial unemployment data which will reveal the health of the US economy and inevitably affect markets. 

UPS strike talks stall

Discussions between workers and delivery giant UPS have stalled, potentially threatening the first strike in over 25 years at the company. With over 340,000 workers in the US alone, who are demanding conditions including higher pay and better working conditions, the potential of a strike could negatively affect not just UPS but the entire economy which is dependent on the moving cogs of the parcel service. The share price fell over 2% on the back of the news and jitters may reverberate around the markets until a solution is found. 

Meta’s Twitter rival

Meta, the parent company of Facebook and Instagram, officially launched a new Twitter rival, named Threads. It works in a similar fashion to the Twitter app, which has stalled in usability in recent months since the takeover by Tesla CEO, Elon Musk. Whilst Threads isn’t yet launching in Europe due to privacy concerns, the rival is seemingly exciting enough to drive Meta’s share price up and shake up the social media scene once again. 

Sources: IG, BBC, Investopedia, Nasdaq, Yahoo Finance, AJ Bell, Bloomberg

Zoe Burt