- ASX SPI 200 futures up 0.3% to 7,455.00
- Dow Average little changed at 35,366.26
- Aussie up 0.7% to 0.7257 per US$
- U.S. 10-year yield rose 4.1bps to 1.2935%
- Australia 3-year bond yield rose 3bps to 0.22%
- Australia 10-year bond yield rose 6bps to 1.15%
- Gold spot little changed at $1,803.88
- Brent futures up 3.5% to $71.15/bbl
- 11am: (AU) Australia to Sell A$1 Billion 1.25% 2032 Bonds
- 11:30am: (AU) 2Q Construction Work Done, est. 2.8%, prior 2.4%
U.S. equities rose to record highs as strong corporate earnings and a rally in commodity prices outweighed lingering concerns about the threat of Covid-19 to the global economy.While markets started the week with a strong global rally, equities in the U.S. and Europe remain volatile on concern over the spread of the delta variant and tighter monetary policy. Economic data so far this week have painted a mixed picture, with manufacturing purchasing managers’ indexes in Europe and the U.S. showing continued growth, though slowing from last month’s levels. Iron ore climbed on expectations additional support from the Chinese government will boost demand. WTI crude rallied to above $67 a barrel. Treasuries fell and the dollar was weaker.
The Federal Aviation Administration has issued a total of $1 million in fines this year against unruly passengers after receiving nearly 3,900 reports of incidents since January.
The FAA has proposed fines against 80 passengers so far, including one JetBlue customer who was hit with the heaviest fine of $45,000 for hurling objects at passengers and putting his head up a flight attendant’s skirt on May 24.
Of the incidents, which were detailed by federal investigators for the first time, nearly two-thirds involved passengers accused of violating the federal transportation-wide mask mandate. Federal documents also show that half of the 34 new incidents that resulted in fines involved fights on planes heading to or from Florida. Nine passengers were accused of touching or hitting someone else, and eight passengers are accused of illegally drinking alcohol they snuck on board, CNN reports.
Unruly passengers aboard flights have made headlines recently and even spurred United Airlines to send out a company-wide memo, instructing its flight attendants not to duct tape passengers to their seat following previous incidents aboard competing airlines.
This year, the FAA imposed a zero-tolerance policy for interfering with or assaulting flight attendants that carries a fine of up to $35,000 and possible jail time.
Of the 3,900 cases reported, the FAA has opened 682 investigations into possible violations of federal laws.
The number of cases under investigation are about three times the number the agency has had to deal with in the last 15 years.
The FAA does not have the authority to file criminal charges, but instead proposes civil fines that the accused violators may pay or dispute. House Transportation Chairman Peter DeFazio, of Oregon, told CNN that he would like to see steeper punishments for those accused of in-flight violence facing prison time.
‘The first time we take one of these jerks who is assaulting flight attendants or attempting to take an aircraft down – and they go away for a few years and they get a massive fine – I think that will send a message,’ he said.
The largest flight attendant union, the Association of Flight Attendants, has also called for more prosecutions.
‘If you interfere with a crew member’s duties and put the rest of the plane in jeopardy, or assault the crew member, you’re facing $35,000 in fines for each incident and up to 20 years in prison,’ association President Sara Nelson told CNN. ‘People need to understand there are severe consequences here.’