Ford has struck a tentative deal with union chiefs to end a workers’ strike at its plants which has run since mid-September.
The United Auto Workers and Ford have struck a deal that is expected to provide staff with a 25pc wage increase over the four-year agreement.
The deal still needs to be approved by union members. Ford’s 16,000 workers who have been on strike have, however, been asked to return to work ahead of the vote.
5 things to start your day
1) Ad blitz powers Zuckerberg’s Meta to best quarter since rebrand | The Facebook and Instagram owner is set to reach 4bn monthly users for the first time
2) Electricity prices ‘must rise by 70pc to pay for more wind farms’ | Warning from UK’s biggest energy generator comes after latest bidding round received no offers to build new farms
3) Qatar ploughs millions into Canary Wharf amid criticism of Gulf state’s Hamas links | Sovereign wealth fund backs £400m refinancing of struggling financial district
4) Shell axes 200 green jobs and scales back hydrogen plans | Energy giant pursues cost-cutting measures as part of effort to boost profits
5) Inflation is starting to hit the super-rich, warns Porsche | German carmaker blames high interest rates and rising prices amid weaker sales
What happened overnight
Wall Street shares fell yesterday with the broad-based S&P 500 down 1.4pc to end at 4,186.77, while the tech-focused Nasdaq Composite plunged 2.4pc to close at 12,821.22.
The Dow Jones Industrial Average fell a more modest 0.3pc to 33,035.93.
The yield on the 10-year US Treasury note yielded 4.95pc, up 10.6 basis points, after breaching the 5pc level on Monday for the first time in 16 years.
Asian shares skidded on Thursday after Wall Street tumbled. Tokyo’s Nikkei 225 sank 2.1pc to 30,628.04 and the Kospi in Seoul declined 2.3pc to 2,309.14.
Hong Kong’s Hang Seng lost 0.8pc to 16,942.93, while the Shanghai Composite index gave up 0.3pc to 2,965.35.
Sydney’s S&P/ASX 200 shed 0.8pc to 6,799.00. In Bangkok, the SET sank 0.8pc, while Taiwan’s Taiex fell 1.5pc.