Good morning. US stock futures traded lower in Friday morning trading as investors pored over earnings results from big tech companies. 

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Seth Klarman

Top News

Big tech earnings tumble on concerns of economic slowdown

•  Technology bellweathers Apple, Amazon, and Alphabet posted their latest financial results that show an economic slowdown is throttling demand across the advertising, e-commerce and electronics space.

• "The war in Ukraine, inflationary pressures, economic uncertainty and macroeconomic headwinds kept the consumer sentiment weak in 2022, while smartphone users reduced the frequency of their purchases" according to Hameet Singh Walia, a senior analyst covering the results of the companies.

IMF: Higher for longer is the way 

• The International Monetary Fund is encouraging central banks around the world to make it clear to markets that elevated interest rates may be required for some time in order to arrest rising inflation and avoid a rebound in price pressures.

• "Crucially, central banks must avoid misreading sharp declines in goods prices and easing policy before services inflation and wages, which adjust more slowly, have also moderated markedly" the IMF said.

UK facing bleak economic prospects

• The Bank of England stated that a decrease in the workforce has resulted in a hindrance to the British economy and has created a bleak economic outlook for the UK.

• In one of the most dismal forecasts it has produced, the central bank said the economy is already in a recession and will struggle for growth even when the downturn is over, citing 2026 as the closest time period for a return to pre-pandemic levels of output.

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In Other News

Calls for TikTok ban grow

•  Another US Senator is calling for an all out ban of TikTok in the US, sending a letter to the CEOs of Apple and Alphabet requesting that they take TikTok off the Apple and Google app stores.

• TikTok CEO Shou Zi Chew is expected to testify before a house committee in March to discuss the company's data security practises.

Amazon workers strike in Spain

• Workers at Amazon's Barcelona logistics center staged a two-day indefinite strike against the company's plan to close the warehouse and transfer employees to other provinces.

• Last month, Amazon announced more than 18,000 job cuts globally, mainly impacting its e-commerce and human resources division, amid similar moves by other tech companies.

More heat for gas stoves 

• Gas stoves are coming under fresh scrutiny as a second federal agency issued a proposal for new regulations for the appliance.

• The new proposal from the US Energy Department sets first-of-their-kind limits on energy consumption for the stoves, drawing fear from the industry that the regulation could effectively end the use of some products from the market.

Key Economic Events

• Friday - US Unemployment Rate

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