China's Firing Back At The US Over...?

Good morning. US stock futures dipped in Tuesday morning trading as investors gauge market sentiment around possible interest rates cuts in 2024.

🍿 China fires back at the US

📝 Our report: China is feeling a bit miffed as the U.S. eyes it like it's the bogeyman, especially after Commerce Secretary Gina Raimondo reiterated calls to keep the Asian powerhouse away from fancy semiconductors. The US should “stop seeing China as a hypothetical enemy and saying one thing but doing another,” Chinese Foreign Ministry spokesman Wang Wenbin said at a regular press briefing in Beijing recently.  

 🔑 Key points:

• Commerce Secretary Gina Raimondo said at a forum in California that she needed more funding to prevent the Asian nation from catching up on chips that can be used for military purposes.

• President Joe Biden and Chinese leader Xi Jinping met for the first time in a year last month in the US, scoring a handful of small victories they hope will stop a surge in tensions that threatened global economic growth.

• Wenbin said that stance exposed the “Cold War mentality” of the US and its desire for hegemony. He also indicated that his nation would get around the tech curbs eventually.

💡 So what: Maintaining robust trade relations between the United States and China is of paramount importance due to their status as the world's two largest economies. However, it is essential to navigate challenges such as trade imbalances and intellectual property concerns to sustain fair and mutually beneficial trade practices, striking a delicate balance between economic interests and geopolitical considerations. Regular communication, negotiation, and cooperation remain crucial for fostering a positive and constructive long-term trade relationship between the U.S. and China.

 Tuesday - No Major Economic News

Wednesday - US Trade Deficit

Thursday - Consumer Credit

Friday - Consumer Sentiment, US Unemployment Rate

 📊 Buying a stock is easy. But do you know when to sell?

👨🏾‍⚕️ Everything you need to know about Universal Health Care 

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🏦 Moody’s warns of negative outlook for global banks

WHAT: Moody's is predicting a "blah" year for banks in 2024, thanks to global growth moving at a snail's pace, a higher risk of borrowers defaulting on loans and pressure on bank profitability. In its 2024 Outlook Report, the ratings agency said prior rate hikes by central banks and rising unemployment in advanced economies will likely weaken asset quality for many global banks.

WHY: Global banks have reported mixed performances this year, as their consumer revenues have benefited from higher rates set by central banks to curb inflation, at the same time as investment banking revenues have been dented by a deep dealmaking slump.

💼 Another day, another Meta lawsuit

WHAT: Spain's media squad, 83 outlets strong, just dropped a whopping 550 million euro bomb on Meta Platforms (aka Facebook), accusing them of playing dirty in the advertising arena. The AMI media association said in a statement the lawsuit was filed collectively by the newspapers with a commercial court and allege Meta violated European Union data protection rules between 2018 and 2023.

WHY: All over the world, media organizations have struggled in courts and parliaments to make tech giants pay what they believe are fair fees for using and sharing their content.

🪓 Spotify announces new round of layoffs

WHAT: Spotify's doing some serious spring cleaning, waving goodbye to 17% (or 1,500) of its workforce in its third round of layoffs this year. Spotify CEO Daniel Ek announced the news in a letter to staff saying that despite the streamer's recent efforts to boost margins, economic growth has "slowed dramatically" as higher interest rates squeeze profits amid increased capital expenses.

WHY: The latest round of job cuts comes after the streaming service turned a profit in the third quarter — its first quarterly profit in over a year following recent price hikes coupled with lower-than-expected costs related to personnel and marketing spend.

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