The contract covers over 340,000
workers and ends on July 31. This would be the first labour action since 1997 where UPS employees went on strike for 15 days, costing the company US$850 million.
Coinbase also fell 1.2 per cent after a downgrade from Piper Sandler which said the stock could fall another 25 per cent as uncertainty continues to loom with regulatory issues in the cryptocurrency space.
Moderna Inc is up 1.2 per cent after it was announced it has signed a deal to make mRNA vaccines for the Chinese market.
Rest of the World
China released its data on the service industry on Wednesday which was much weaker than expected.
The Caixin China Services Purchasing Managers Index declined from 57.1 to 53.9 which is the weakest it has been since January, leading to concerns worldwide about China’s economic recovery.
New Zealand
It was a slow trading day on the NZX 50 with not much company news out. Trading picked up in the last 45 minutes before close and the S&P/NZX 50 finished in the green at 0.2 per cent, up to 12,002.46. This was 22.12 points higher than the day prior and the highest it has been in seven weeks.
Fletcher Building finished down 0.5 per cent after Core Logic house price data was weaker than expected, with housing prices in June falling 1.2 per cent following on from the 0.7 per cent fall in May.
Channel Infrastructure finished up 1.4 per cent after positive news was announced that they are in the pre-feasibility stage of their study for production of green hydrogen and Sustainable Aviation Fuel (e-SAF) at Marsden Point. The stage will investigate a 60 million litres per year operation.
Australia
The S&P/ASX 200 was in the red yesterday, down 0.4 per cent or 25.8 points on the day to 7253.2, dropping for the first time in four days.
Australia was impacted by the news of its largest trading partner China having weaker than expected data, which added concerns about exports and economic recovery in the market.
AMP was down 6.1 per cent on Wednesday after losing a court ruling to pay out A$900,000 to financial advisers including Equity Financial Planners and Wealthstone.
The lawsuit was brought against AMP after the company changed its last resort policy in 2019, meaning financial planners for AMP could sell their client books to the company within 12 months at 2.5 times ongoing revenue, degrading from the four times ongoing revenue which they could sell their books at earlier.
Bellevue Gold rallied 4.1 per cent after signing an agreement with Genesis Minerals. They have agreed to around 100,000 tonnes of ore from its WA Vanguard open mine.
Lindsay Australia was up 11.2 per cent, completing its takeover of rural merchandise business WB Hunter yesterday with good synergies coming from combining the two companies.
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