General Motors is attempting to retrieve equipment and inventory from auto parts supplier Clark-Cutler-McDermott Co., which filed for chapter 11 bankruptcy due to what the supplier said was an unprofitable contract with GM. The family owned supplier’s financial state threatens 19 GM North American assembly plants and could disrupt its supply chain, GM said.
International institutions including Washington-based International Monetary Fund have cut economic outlooks for some European countries following Britain's recent vote to leave the European Union. The IMF, for example, trimmed its 2017 economic outlook for Italy and France by 0.25% each.
Alcoa Inc. is feeling the impacts on the oversupplied raw aluminum market, reporting a drop in profits and revenue during the second quarter. The New York-based aluminum maker posted a $5 million decrease in profits for Q2 compared to last year and a 10% drop in revenue.
U.S. wholesale trade in May increased 0.5% from April, reaching $435.5 billion, according to the U.S. Census Bureau. Wholesale inventories and sales of durable goods also rose in May.