Good morning. US stock futures rose in Tuesday morning trading as investors looked ahead to key inflation data.

"The longer you wait to do something you should do now, the greater the odds that you will never actually do it"

John C. Maxwell

Top News

Biden dips into US oil reserves

• The Biden Administration plans to sell additional crude from the Strategic Petroleum Reserve in an attempt to fulfill budget mandates that were set a year ago and previously sought to be canceled due to the stabilization of oil prices.

• The congressionally mandated sale will amount to 26 million barrels of crude according to people familiar with the matter.

EU countries launch fund to promote tech innovation in Eurozone

• Spain, Germany, France, Italy and Belgium, along with the European Investment Bank (EIB) jointly launched a fund worth 3.7 billion euros ($4.02 billion) to support the growth of promising tech companies in Europe and enhance the EU's reputation as a tech hub.

• The fund, called the European Tech Champions Initiative will pool public resources from participating countries and the EIB to invest in large scale venture capital funds.

Canadian regulator told to go after telecoms costs

• The Canadian government has instructed the country's telecom regulator to prioritize making internet access more cost-effective for consumers in an effort to level the playing field for smaller companies and allow them to compete.

• The policy direction comes amid an effort by two of Canada's largest telecommunications firms to combine - a merger that may lead to higher prices for consumers.

In Other News

Regulate now, pay later

• Britain is planning to unveil draft legislation aimed at controlling "buy now, pay later" credit services, citing that the sector presents potential harm to consumers without adequate assessments of affordability.

• "BNPL" companies are largely unregulated and typically offer on-the-spot interest-free short-term loans that spread payments for retail goods like clothing.

Ford doubles down on EV effort

• Ford is committing $3.5 billion to the establishment of an electric vehicle battery factory in southwest Michigan, a partnership to be entered into with the assistance of a Chinese manufacturer.

• The US automaker will be contracting the battery know-how from China's Contemporary Amperex Technology Company, with the plant expected to employ 2500 workers and produce enough batteries to power 400,000 EV per year.

We're coming from the grocery industry...

• According to a report from the Financial Times, Amazon's CEO Andy Jassy has promised to redouble efforts to improve the performance of the company's struggling grocery store division.

• The company recently closed some grocery stores and impaired certain assets, taking a $720 million charge from those actions in Q4 2022.

Key Economic Events

• Tuesday - U.S. CPI YoY, Fed's Logan Speaks, Fed's Williams Speaks

• Wednesday - No Major Economic News

• Thursday - Fed's Mester Discusses The Economy, Fed's Bullard Speaks

• Friday - Fed's Barkin Discusses The US Labor Market

Notable Briefs

• This is how Americans say they're feeling financially

• Parents aging? Here are some things you should know about their finances

• Cash, debit or credit? Which should you pay with?

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