Wed, 05 Aug 2020

WASHINGTON -- Economic activity in the U.S. manufacturing sector rebounded in June, after three months of contraction amid mounting COVID-19 fallout, the Institute for Supply Management (ISM) reported Wednesday.

The Purchasing Managers' Index (PMI) stood at 52.6 percent in June, up 9.5 percentage points from the May reading. Any reading below 50 percent indicates the manufacturing sector is generally contracting. (US-Manufacture-PMI)

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CHICAGO -- COVID-19 took its toll on U.S. auto industry, as Fiat Chrysler Automobiles NV (FCA) on Wednesday reported a 39 percent year-over-year drop in U.S. new-vehicle sales in the second quarter, and General Motors Co. (GM), a 34 percent drop.

The FCA delivered 367,086 vehicles in the second quarter, down from 597,685 a year ago while the GM delivered 492,489, down from 746,659. For the first half of the year, FCA's sales dropped 26 percent year on year and GM's sales went down 21 percent. (US-Auto Sales-Drop)

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LISBON -- Portuguese Prime Minister Antonio Costa said on Wednesday that the recovery of the European economy is decisive not only for the member countries of the European Union (EU) but "for the whole world, because it will be a fundamental lever for a global-scale economic recovery."

Speaking to journalists after the reopening of Portugal's land borders with Spain, Costa voiced his support for the European Commission's 750-billion-euro (848-billion-U.S. dollar) recovery fund proposal. (Portugal-Economy-EU)

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OTTAWA -- A new trade deal between the United States, Canada and Mexico came into effect on Wedensday.

Canadian Prime Minister Justin Trudeau told reporters on Monday that Canadians would get more from the new deal, which replaced the 26-year-old North American Free Trade Agreement. (Canada-US-Trade Deal)

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