![News update – Pre-markets](https://image.cnbcfm.com/api/v1/image/107302109-2ED4-REQ-091823-PreMarkets.jpg?v=1695031090&w=750&h=422&vtcrop=y)
Here are the top news investors need to start their trading day:
1. Forward fed
Stock futures rose slowly as investors looked ahead to this week’s Federal Reserve meeting. Dow Jones Industrial Average futures added 0.03%. The S&P500 And Nasdaq100 futures rose 0.09% and 0.16% respectively. Traders widely expect the Fed to keep interest rates unchanged. CME Group’s FedWatch tool, which measures prices in the Fed Funds futures market, shows a 99% chance that when the rate decision is released on Wednesday, the Fed will remain in place and there is only a 31% chance on a rate hike in November. Nevertheless, from here, investors will be keen to get a better sense of the central bank’s stance on inflation. Follow live market updates.
2. UAW strikes
Protesters during a United Auto Workers (UAW) practice picket outside the Stellantis Mack Assembly Plant in Detroit, Michigan, U.S., on Wednesday, August 23, 2023.
Jeff Kowalsky | Bloomberg | Getty Images
As United Auto Workers members continue their strike this weekend, Jeep maker says Stellar said it offered union employees pay increases of nearly 21% over the life of the contract, including an immediate 10% pay increase. That offer is consistent with proposals from Detroit’s other two major automakers, Ford and General Motors. Stellantis’ proposal would also include the end of pay scales for some employees and improvements to pension and retirement savings plans for current employees and retirees. The UAW is seeking, among other things, a 40% hourly wage increase, a shorter 32-hour workweek, a return to traditional pensions and the elimination of pay levels. Ford and GM resumed talks with the UAW this weekend, while Stellantis said it planned to resume talks on Monday.
3. Streaming issues
Members of the Writers Guild of America and the Screen Actors Guild walk a picket line outside the Walt Disney Studios in Burbank, California on July 31, 2023.
Valerie Macon | AFP | Getty Images
Is the era of traditional television over? Over the past decade, the consumer shift to streaming has turned the media industry model on its head, and legacy media giants are trying to figure out how to make it work. Even Disney reportedly considering sale of ABC and its subsidiaries; linear cable networks and a minority stake in ESPN, a signal that the company may be ready to exit traditional media and begin its next chapter. Streaming is also a major issue amid the writers’ and actors’ strikes that have paralyzed Hollywood for months. The problem is that streaming remains unprofitable for most studios. Media companies are also reluctant to share streaming viewership numbers, leaving investors and writers in the dark.
4. Hotel benefits
With many Airbnbs gone in NYC, hotel prices are expected to rise.
Orbon Alija | E+ | Getty Images
New York City is cracking down on short-term rentals, which could benefit the hotel industry. The city’s long-planned regulations went into effect earlier this month, requiring landlords to be present for stays of less than 30 days, with no more than two people in a home at a time. Landlords must also register their listing with the city or risk hefty fines. In response, the travel industry website Skift estimates Airbnb the number of short-term listings in New York fell 77% between June 4 and September 10. This means that many visitors are looking for other accommodation options. “This past week, we’ve seen the strongest booking pace for the next six months than we’ve ever seen in 2015,” Kevin Davis, CEO of JLL Hotels & Hospitality’s Americas, told “Squawk Box Asia” Monday.
5. Ukraine is gaining ground
President of Ukraine Volodymyr Zelenskyy.
Global Images Ukraine | Getty Images News | Getty Images
Ukraine’s grueling counter-offensive continues as it recaptures two villages in the Bakhmut area of Donetsk, eastern Ukraine, in recent days. The armed forces have also made modest gains in the south in the past week, regaining two square kilometers of territory in the area. Meanwhile, Britain’s Ministry of Defense said in an intelligence update on Sunday that Russian forces are likely to strengthen their defenses around the occupied city of Tokmak in southern Ukraine, digging in as Ukraine draws closer. NBC News also reported this weekend that Ukrainian President Volodymyr Zelenskyy would visit the Capitol and meet with senators on Thursday. He is also expected to meet with President Joe Biden and attend the United Nations General Assembly in New York City this week to seek support for Ukraine as the war continues.
— CNBC’s Hakyung Kim, Alex Harring, Lillian Rizzo, Sarah Whitten, Alex Sherman, Monica Pitrelli and Holly Ellyatt contributed to this report.
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