General Motors reached an agreement with bankrupt auto parts supplier Clark-Cutler-McDermott that will allow GM to retrieve its parts and inventory from the supplier and avoid having to shut down North American production plants. The settlement also allows the supplier to immediately end its contract with GM.
The United State’s supply of crude oil remains high, continuing to impact oil prices. The Energy Information Administration reported crude inventories fell 2.5 million barrels last week, less than was expected, and gasoline inventories rose. Oil prices responded by falling more than 4% on Wednesday.
U.S producer prices increased in June 0.5%, according to the Labor Department. This was the largest one-month rise since May 2015, due mostly to a jump in gasoline prices and energy prices, which grew 4.1% in June.
Typhoon Nepartak struck China’s Fujian Province, killing at least 21 people and causing damage to power supplies and infrastructure. The typhoon hit China over the weekend after striking Taiwan last week.