Afternoon Coffee: Volvo to Ditch Combustion Engine by 2019, Italy Threatens to Close Ports over Migrant Crisis

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Volvo will produce only hybrid or electric car models starting in 2019, the Chinese-owned, Sweden-based company said in a statement Wednesday. While Volvo will continue to manufacture combustion-engine vehicles until that date, the automaker will launch five new electric models between 2019 and 2021, Reuters reported.

Port Crisis 

Italy has threatened to close its ports to stem the flow of migrants into the country, in a situation the country’s ministers have called “unsustainable,” according to the BBC. More than 500,000 migrants have passed through Italian ports since 2014, and numbers are on the rise again.

Fed News 

The U.S. Federal Reserve is set to release its June meeting minutes Wednesday, which should give an indication of the central bank’s plans for another rate hike this year, CNBC reported. The Fed will also likely reveal some insights on its plans to unwind its $4.5 trillion balance sheet, which analysts have been expecting to begin in September.

Factory Orders 

And finally, another monthly update from the Institute for Supply Management: The index for U.S. manufacturing activity rose to 57.8 in June, its highest level since August 2014, according to the Wall Street Journal. The jump outperformed the projections of surveyed economists, who had expected a modest rise from May’s 54.9.

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