Key Events This Busy Week: FOMC, PCE, GDP, War On/War Off... And Earnings Galore

The Push For A Robotic Workforce: Chris Murphy Introduces Bill For Massive Minimum Wage Hike Authored by Jonathan Turley via jonathanturley.org, Sen. Chris Murphy has finally found a constituency that truly gets him. Robots and automated systems around the country likely whirled and beeped with approval as he introduced the Senate version of the Living Wage for All Act. At a time when workers are being replaced at record numbers due to the cheaper labor of automated systems and AI programs, Murphy moved to price out millions of more workers by...

BMW Targets 8,000 Job Cuts With New Voluntary Severance Package BMW shares in Germany are down 36% so far this year, as the automaker's latest forecast downgrade was described by JPMorgan analyst Jose Asumendi as a "wake-up call for the auto industry." The outlook for BMW continues to deteriorate, with Bloomberg reporting that the automaker will begin a sweeping workforce restructuring in Germany this fall. Voluntary departures in Germany are expected to account for most of the roughly 8,000 positions BMW plans to eliminate globally, equivalent to about 5% of its...

Italian Diplomatic Sources Deny Talks With Iran To Open Hormuz Update(1140ET): Italy denies talks with Iran, but still nothing official on a public level from government ministers: No negotiations are under way with Iran to guarantee safe passage through the Hormuz Strait for Italian ships or oil tankers, an Italian Foreign Ministry source has told Reuters, denying a report in The Financial Times. “In their diplomatic contacts, Italian leaders want to favour the conditions for a general military de-escalation, but there is no under-the-table negotiation aimed at preserving only some merchant ships...