Delays, petitions and opposition are complicating the regulatory landscape for Union Pacific and Norfolk Southern's proposed merger. The Surface Transportation Board is scrutinizing the deal following a petition from BNSF Railway, which cites unresolved issues from Union Pacific's 1996 Southern Pacific acquisition. The merger application has been delayed and is now expected by mid-December, potentially extending the review process to up to 18 months.

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The Trump administration is preparing to release a major Federal Emergency Management Agency overhaul plan this week, steering away from earlier proposals to eliminate the agency. The plan, shaped by a review council led by Secretary Kristi Noem and Secretary Pete Hegseth, is expected to recommend reducing FEMA funding to states over time and potentially making FEMA a Cabinet-level agency. The proposal will be presented to the FEMA Review Council and voted on publicly, with a period for public comment to follow.

The House has passed a $900 billion defense policy bill that includes a pay raise for military personnel, an overhaul of the War Department's weapons acquisition process, and a repeal of the Iraq war authorization. The legislation includes measures to support allies in Europe and Asia, cut climate and diversity initiatives, and increase congressional oversight of the War Department. The bill now moves to the Senate.

BASF has partnered with Essity and the Technical University of Wien to chemically recycle diapers through a pilot project using gasification. The project aims to address the challenge of recycling diapers, which are complex products made from polypropylene, polyethylene, cellulose and superabsorbent polymers. "Our customers can rely on BASF as their trusted partner for innovative recycling solutions," said BASF's Oliver Cullmann.

US manufacturers are reducing orders for parts and raw materials amid uncertainty surrounding the future of the Trump administration's tariffs, according to the GEP Global Supply Chain Volatility Index. Supply chain activity reached its lowest level since May. Companies are in a holding pattern as they await a Supreme Court decision on the legality of many tariffs, with some anticipating a possible rollback.

Moody's has identified three top supply chain risks for 2026: tariff-driven supplier price negotiations, sourcing reconfigurations and sourcing paralysis. The Trump administration's tariffs are expected to continue to pose significant challenges for US companies, forcing them to negotiate prices with overseas suppliers or seek new ones. Moody's advises companies to understand suppliers' financial health, run tariff scenarios and resist replacing reliable suppliers.

The manufacturing sector saw 329,000 job separations in October 2025, a 0.6% increase from September but an improvement from 332,000 separations in October 2024, according to the Bureau of Labor Statistics. Job openings rose 6.5% month over month to 410,000, but hires fell 4.4%. Job cuts were notable in plastics and rubber products, semiconductor and electronic components and transportation equipment.