Good morning. US stock futures slipped in Wednesday morning trading as investors weighed a batch of corporate earnings from major tech names and geared up for the Federal Reserve’s latest interest rate decision.

"Onlookers frequently confuse edge with style. Edge means generating excess returns because of mispricing. Style suggests being in the right place at the right time"

Michael Mauboussin

Top News

US Senate: We need to know about those Chinese investments

WHAT: In an overwhelming show of support, the 100-member US Senate hit “approved” on a new amendment that will require US companies to notify Uncle Sam about investments in Chinese technologies such as semiconductors and artificial intelligence. The Senate backed the amendment to the National Defense Authorization Act which sets policy for the Department of Defense.

WHY: The desire for a hard line on China is one of a few bipartisan sentiments within the US Congress, with lawmakers already introducing dozens of bills seeking to address competition with China’s Communist government and industries.

Investment industry not sold on central bank digital currencies

WHAT: A survey recently conducted by the CFA Institute has revealed some interesting views on how the global investment community views central bank digital currencies (CBDCs). The survey found that only 42% of the more than 4150 respondents who took part believed that CBDCs should be launched.

WHY: A number of countries including the Bahamas and Nigeria have already launched CBDCs, and around 130 more representing 98% of the global economy are exploring whether to do the same.

FTC readies lawsuit to break up Amazon

WHAT: The Federal Trade Commission is gearing up for the ultimate showdown with Amazon! According to reports from Politico, the FTC is finalizing its long-awaited antitrust lawsuit against Amazon that could ultimately break up parts of the company.

WHY: Amazon’s digital advertising business and Amazon Prime will likely be targeted, the report said, adding that the FTC is expected to claim that Amazon steers sellers to its own logistics services by rewarding them with better placement on the site, and punishing them when they don’t.

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In Other News

IMF bullish on global economic outlook, inflation to persist

WHAT: International Monetary Fund chief economist Pierre-Olivier Gourinchas has some mixed news to report on the global economy. Delivering remarks on the latest IMF report, Gourinchas said global growth might be showing signs of improvement, updating the IMF’s previous growth projection for 2023 to 3%, 0.2% higher than its initial projection back in April.

WHY: Despite the slight improvement, global growth “remains weak by historical standards”, the IMF report states, with global inflation likely to persist above 5% into 2024.

UPS, Teamsters agree on labor deal avoiding major strike

WHAT: Crisis averted! For now at least, as United Parcel Service (UPS) and the Teamsters union reached a tentative deal to renew a five-year labor contract, staving off a possible strike that could have paralyzed shipments throughout the US and beyond.

WHY: The union secured higher pay and a number of key concessions from UPS important to its members including eliminating a class of drivers who earned less, air-conditioning in new vehicles, and an additional paid holiday.

Another day, another Meta fine…

WHAT: An Australian court has fined Facebook owner Meta Platforms A$20 million ($14 million) for collecting user data through an application that was meant to protect privacy without disclosing its actions. The now-discontinued app, called Onavo, was also used by Meta (then Facebook), to collect user information on the time, location and frequency of using other smartphone apps.

WHY: “The failure to make sufficient disclosures…may have deprived tens of thousands of Australian consumers of the opportunity to make an informed choice about the collection and use of their data before downloading and/or using Onavo Protect” a judge wrote.

Key Economic Events

• Wednesday - FOMC Rate Decision, Fed Chair Holds Press Conference Following FOMC Meeting

• Thursday - GDP Annualized Q-o-Q

• Friday - U. Of. Mich. Sentiment

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