The National Federation of Independent Business (NFIB) has reported a modest increase in the Small Business Optimism Index for the United States in April, marking the first positive movement of the year. Despite this encouraging development, the index remains below the 50-year average for the 28th consecutive month, indicating ongoing challenges for small businesses across the country.
ICE cotton prices experienced an uptick on Wednesday, bouncing back from recent yearly lows, fueled by short covering and favorable external factors. Stable US inflation data has raised the possibility of a Federal Reserve rate cut, injecting optimism into the market. Additionally, a weaker US dollar lent support to cotton prices. Despite hitting a new yearly low of 73.68 cents, the ICE July contract recovered after finding technical support.
In a significant move aimed at combating forced labor practices, the U.S. Department of Homeland Security (DHS) has expanded its efforts by adding 26 China-based textile companies to the Uyghur Forced Labor Prevention Act (UFLPA) entity list. Effective immediately, goods produced by these entities will face restrictions, barring their entry into the United States.
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