Labor

The last time UPS workers walked of the job more than two decades ago, it crippled the shipping company. An emboldened union is threatening to do the same and this time the disruption would be far greater. The 24 million packages UPS ships on an average day amounts to about a quarter of all U.S. parcel volume, according to the global shipping and logistics firm Pitney Bowes. UPS says they deliver the equivalent of about 6% of nation’s gross domestic product. The Teamsters, representing about 350,000 UPS workers, say they'll strike if there's no deal by the time the current contract expires July 31.

Asian stock markets are following Wall Street higher ahead of an update on the U.S. jobs market. This comes after Federal Reserve officials reignited hopes they might skip another interest rate hike this month. Shanghai, Tokyo, Hong Kong and Seoul advanced Friday. Oil prices strengthened. Wall Street’s benchmark S&P 500 index rallied 1% after data showed manufacturing and retail activity weakening following rate hikes to rein in surging inflation. That added to hopes the Fed might decide to postpone or scale back more planned increases. The U.S. Senate gave final legislative approval to raise the amount the government can borrow and avert a possible debt default.