Good Morning & today is the US presidential election

 

• Boeing workers end their strike after seven weeks and accept a new contract offer that provides for a 38% pay rise over four years. 59% agreed. Boeing will gradually ramp up production again.
• Spain deploys a further 2,500 soldiers to the flooded eastern region to help search for victims and remove debris. At least 217 people have died so far, mainly in Valencia. The population is increasingly angry about the crisis management, as help and warnings are perceived as coming too late. The government and regional authorities are arguing about responsibility for warnings and protective measures. Financial aid for those affected is to be made available shortly and a first protest rally is planned for Saturday in Valencia.
• At least 16 Palestinians were killed in Israeli airstrikes in Gaza on Monday, with fears that the attacks on the north of the enclave are intended to drive out the civilian population. The UN is complaining that aid supplies to Gaza are being severely restricted. Despite ongoing attacks on the Kamal Adwan hospital, Israel claims it is trying to minimize civilian casualties while targeting Hamas militants. According to the Hamas government, the number of casualties in Gaza has risen to around 1,800 since October, with UNRWA warning of “untold suffering” as humanitarian supplies remain limited.
• The traffic light coalition is threatening to break up and Vice Chancellor Robert Habeck is trying to save the alliance with a compromise for the FDP: The billions in Intel funding could be used to close the budget gap. However, the Greens themselves are facing challenges. The upcoming party conference is to elect a new leadership, while the party base is demanding a tougher migration policy and more climate protection. The party's own satisfaction with government has also fallen, which is putting Habeck under additional pressure.
• North Korea has once again tested several short-range ballistic missiles, as reported by the South Korean military. These tests, which violate UN resolutions, were fired from the western province of North Hwanghae towards the Sea of Japan. Japan confirmed the missile launch and information was shared with the US and South Korea. This test follows the recent launch of an intercontinental ballistic missile by North Korea. In response, South Korea, Japan and the US conducted joint military maneuvers in which a US bomber participated. North Korea's military activities have heightened tensions on the Korean peninsula, while the country has also sent reports of deploying soldiers to Russia to assist in the Ukraine conflict.
• US election: Harris and Trump end campaign ahead of final vote Summary: In Pennsylvania, a key swing state, Kamala Harris and Donald Trump are wrapping up their campaigns. The race is tied both nationally and in swing states, and more than 82 million votes have already been cast in advance. Oil prices fluctuate in anticipation of the US election: On Tuesday, oil prices traded in a narrow range after OPEC+ postponed a planned production increase. The market remains cautious in light of the upcoming US election, a Federal Reserve meeting and China's National People's Congress.
• The 2024 US election is extremely close: Trump has caught up with Harris. The main issues are the economy and the cost of living, which could benefit Trump, while Harris appeals to young women in particular. There is uncertainty as to whether Trump would accept defeat, as many doubt it. In addition to the presidency, the majorities in Congress will also be decided; the Senate is likely to go to the Republicans, while the race in the House of Representatives remains open.
• The U.S. National Highway Traffic Safety Administration (NHTSA) has closed its investigation into 411,000 Ford vehicles for possible sudden loss of power. The investigation involved Ford models such as the Bronco, Edge, F-150, Explorer and the 2021 and 2022 Lincoln Aviator and Nautilus models with 2.7L or 3.0L EcoBoost engines. The problem was caused by defective valves that could break without warning under normal driving conditions. Ford recalled 90,000 vehicles in August and offered inspections and tests. In addition, the material of the intake valves was adapted from October 2021, which reduced the failure rate. Ford is also extending the warranty for the affected vehicles to 10 years or 150,000 miles.
• AI-supported internet searches: Progress or regression? Google and other tech players are increasingly displaying AI-generated summaries in internet searches - but research shows that their results are far from reliable and often susceptible to manipulation. (GUAR)
• Berlin AI startup: Plato announces Series A The Berlin-based AI-powered automation platform for wholesalers, has announced the closing of a €6 million funding round. The round was led by Cherry Ventures, with additional support from the German government and notable tech players including Microsoft, SAP, NVIDIA, Celonis, Personio, Sennder and Forto. (EU-ST)
• Thalia: takes over online bookseller buecher.de With the insolvency of the Weltbild Group, its subsidiary Buecher.de also got into difficulties. Now Thalia is stepping in: Germany's largest bookseller is acquiring the online marketplace. (TAG)
• China has begun a week-long parliamentary meeting to approve a mega stimulus package - the biggest since the pandemic. It is intended to reduce the debt burden of local governments and create incentives for the automotive and real estate industries. Up to 40 billion dollars in new bonds are planned.
• Debt reduction: Local governments have debts of 8.5 billion dollars, which are now to be partially paid off.
• Real estate promotion: Targeted measures are to support the real estate sector and create incentives to buy.
• Boosting consumption: Discounts on household appliances and industrial upgrades are intended to promote domestic consumption.
• Strengthen banks: An additional 6.5 billion dollars could be provided for large state banks.
• The uncertainty caused by the US presidential election could put a strain on trade relations. China is aiming for a growth rate of 5%, but needs an estimated USD 1.4 trillion over the next three years to stabilize the economy sufficiently.
• Wharton AI Adoption Report: Report shows weekly use of generative AI increased from 37% in 2023 to 72% in 2024
• AI regulation in the US: Challenging, but with first successes (TC)
• Physical intelligence: AI robots with ever-improving capabilities (NYT)
• Problem? Many people use OpenAI without checking the information (WIWO)
• Google: Testing AI tool for search ads (ADW)
• BCE: Canadian telecom giant buys US internet provider Ziply Fiber
• Gröner has filed for insolvency for Gröner Group GmbH
• DAX: Investors cautious ahead of US election - DAX lost slightly yesterday (TGS) 
• Ifo employment barometer: Sinks to lowest level since 2020 (IFO) 
• Tens of thousands protest: Nationwide warning strikes by IG Metall (MM) 
• Biontech: Sales +39% compared to Q3 2023 (HB) 
• Now after all: Construction entrepreneur Christoph Gröner files for insolvency for his Gröner Group GmbH (HB)
• Before the US election: Why polls in Iowa are encouraging for the Harris camp (SPG) 
• France: Siemens rival Schneider Electric fires German CEO (MM) 
• KKR: Forecasts that $250 billion / year will soon be invested in data center construction (BBG) 
• Ryanair: Profits collapse - also due to cheap tickets (NTV) 
• New York Times: Now reaches >11 million subscribers (NYT)