Indian-owned Tata Steel is planning to cut approximately 3,000 jobs at its plant in Wales, as the steel industry continues to face challenges in financing greener production. The company is expected to announce the closure of two blast furnaces at the Port Talbot steelworks, resulting in the loss of over one-third of its workforce. Talks with unions have taken place, and the move is seen as a significant setback.
Equities in Asia are mixed with gains for tech stocks offsetting slumping commodity shares. Wall Street futures are pointing slightly lower after gains across the big three indexes led by a rally for the tech-heavy Nasdaq. Treasury yields and the dollar hover above multi-week lows awaiting comments from Federal Reserve Chair Jerome Powell. Crude oil sinks to a three-month low due to a build in US stockpiles while concerns for the Chinese economy weigh on demand.
