The Street
  • 8 months ago
TheStreet’s Caroline Woods brings you the biggest news of the day, including what investors are watching and why U.S. airlines are pushing for fewer flights to China.

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Transcript
00:00I'm Caroline Woods reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:06Stocks are under pressure as persistent inflation and geopolitical fears weigh on investors.
00:11The Consumer Price Index showed that inflation isn't quite slowing down, stoking fears that
00:16the central bank could keep rates higher for longer.
00:20Investors are looking ahead to earnings next week, with names like Netflix, American Express,
00:25Goldman Sachs, United Airlines, and Bank of America all set to release quarterly results.
00:31In other news, U.S. airlines are asking the Biden administration to halt its approval
00:35of additional flights to and from China.
00:38Industry lobby group Airlines for America, which represents American Airlines, Delta
00:43and United, wrote a letter to both Secretary of State Anthony Blinken and Transportation
00:48Secretary Pete Buttigieg asking for the pause.
00:52U.S. airlines say that Chinese carriers installed harsh limits to market access during the pandemic
00:57and also imposed strict rules that affected American carriers, customers and the treatment
01:03of airline crews.
01:04The industry group said things only got worse in 2022 when China continued to use Russian
01:10airspace while U.S. airlines stopped using it as a result of the invasion of Ukraine.
01:15In the letter, the group wrote, quote,
01:22employed by U.S. passenger airlines that serve China.
01:26If the growth of the Chinese aviation market is allowed to continue unchecked and without
01:30concern for quality of access in the market, flights will continue to be relinquished to
01:35Chinese carriers at the expense of U.S. workers and businesses.
01:40As of March 31, Chinese carriers were authorized to make 50 weekly round trips from the U.S.,
01:4615 more than previously allowed.
01:48However, that's still far below pre-pandemic levels when more than 150 weekly round trip
01:53flights were allowed.
01:55That'll do it for your daily briefing from the New York Stock Exchange.
01:58I'm Caroline Woods with The Street.

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