- The auto supplier trade organization on Tuesday said it is aware of more than 100 supplier companies “enacting some form of temporary layoffs” of up to 12,000 U.S. salaried and hourly employees.
- About 48,000 UAW members have been on strike and picketing outside GM’s U.S. facilities since Sept. 16.
- The impacted supplier workers add to the more than 10,000 non-UAW employees with GM to be impacted from the strike in North America and thousands more in the Canadian and Mexican supply chain. Source CNBC
China’s warehouses have racked up record levels of steel as the coronavirus outbreak has brought construction and manufacturing, which account for more than half of global demand for the material, to a standstill.
Steel makers and traders held a total of 34.3m tons of finished steel products – the highest level ever recorded – as of February 20, according to Shanghai-based industry data provider Mysteel. Source Capital
Long-term bond rates are falling sharply as worries about a recession increase. The 30-year US Treasury yield is at an all-time low and the 10-year is not far from its 2016 record low of 1.32%. The price of US oil fell 5%. And the US dollar is near a 52-week high. Source CNN
Car sales in China fell 92% in the first half of February as the coronavirus shutdown took its toll, according to an industry trade body. Car dealerships have remained closed while buyers have stayed away to prevent the spread of the deadly virus. Source BBC
