Overview

• General Motors and Stellantis are currently in talks with the United Auto Workers (UAW) union in an attempt to reach agreements similar to Ford's recent deal. If the companies fail to follow Ford's pattern, more factories might end up striking.
• Google has begun its defense against a federal antitrust lawsuit accusing it of stifling competition for its search engine. A senior executive described Google as constantly facing competition and highlighted the inherent instability of the company's success.
• In Q3, the US economy witnessed a robust 4.9% annual growth rate, defying higher prices, rising interest rates and recession predictions. Consumer spending on a wide range of goods and services primarily drove this acceleration.
• Norfolk Southern is investing in automated inspection systems to enhance safety. The company has installed a new generation of automated inspection portals on its tracks in Ohio equipped with high-speed AI-powered cameras for detecting defects on moving trains.
• Concerns about the global economy and the war in the Middle East have led the European Central Bank to halt interest rate hikes. After a streak of 10 straight hikes, the ECB maintained the rates at a record-high 4% to avoid potential economic slowdown.
• Ford reported significant Q3 growth despite falling short of Wall Street estimates. The company announced a net profit of $1.2 billion compared to a loss of $827 million in the previous year. However, the per-share profit, adjusted for one-time items, was lower than expected.
• Vice President Kamala Harris will attend a UK AI summit at Bletchley Park. The summit's focus is on the risks of frontier artificial intelligence, advanced systems capable of various tasks but potentially posing unanticipated risks to public safety and security.