Overseas Headlines – October 27, 2020

United States:

U.S. Warehouse Jobs Top Pre-Covid Levels as Online Sales Boom

“Warehouse operators across the U.S. are rushing to hire workers amid a boom in online sales, a bright spot for a labor market that faces mounting challenges. With purchases of everything from sweatpants to toilet paper set to hit a holiday record, companies that order, pack and ship goods are moving up seasonal hiring earlier in the year and converting gig positions to full-time roles at a faster clip than before, according to employers and staffing agencies. Many are also raising wages and lowering the bar on education and experience requirements to get people in the door.”



U.K. Recovery Shows Signs of Waning as Retail Sales Decline

“Retail sales fell at the fastest pace since June this month, a fresh sign that the U.K.’s fragile economic recovery is faltering. Demand at department stores and clothing outlets slumped, while grocery sales flatlined for the first time since the height of the national lockdown, according the Confederation of British Industry. A bleak outlook among retailers saw them cut orders with suppliers for an 18th month, even as they prepare for the traditionally busy Christmas shopping period.”



China Banks Adjust Models for Yuan Fixing After Rapid Rally

“Some Chinese banks have stopped including a key factor in the formulas that go to the country’s central bank to calculate the yuan’s daily reference rate, which may weigh on the currency. The banks stopped using the counter-cyclical factor recently, according to a statement on website of China Foreign Exchange Trade System. The factor is part of how the banks calculate a quote for the reference rate, known as the fixing, which they submit to the People’s Bank of China for a final rate every morning. The fixing restricts the onshore yuan’s moves by 2% on either side.”




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