Good morning. US stock futures fell in Tuesday morning trading as investors digested information on moves by the Federal Reserve and talks between the US and China.

"It is the sovereign privilege of a free citizen to lose his money precisely as he pleases"

John Kenneth Galbraith

Top News

US lawmakers to auto manufacturers: Don’t rely on China

WHAT: A bipartisan group of US lawmakers is urging the CEOs of Ford and General Motors to scale back their dependency on China for auto parts — especially for electric vehicle batteries — in light of ongoing US talks with China, and the $430 billion Inflation Reduction Act which aims to wean US EV production from Chinese supply chains.

WHY: The focus on Chinese auto parts comes after US Secretary of State Anthony Blinken made a rare visit to Beijing and hours of meetings failed to produce any major breakthroughs.

IMF working on global currency platform

WHAT: Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva revealed that her agency is working on a plan for central bank digital currencies (CBDCs) to make cross border transactions as smooth as butter. “CBDCs should not be fragmented national positions…we need systems that connect countries…we need interoperability” Georgieva said as she delivered remarks in Morocco.

WHY: The IMF wants central banks to agree on a common regulatory framework for digital currencies that will allow easier global exchange. Such a move could help promote financial inclusion and make remittances cheaper.

Come work for us!

WHAT: In a delightful twist, multinational companies such as Amazon, Marriot and Hilton raised their hands and made a pledge to welcome over 13,000 refugees into their work families across Europe. Over 40 organizations announced plans to hire, train or connect at least 250,000 refugees, many from war-torn Ukraine.

WHY: The hiring push in Europe was organized by the Tent Partnership for Refugees, a non-profit founded by Chobani CEO Hamdi Ulukaya that connects businesses and refugees.

In Other News

Ford exec: US behind China in EV space

 WHAT: Ford Motors Executive Chairman Bill Ford was in a candid mood about where the US stood in relation to China in the electric vehicle space. In an interview with CNN, he said the US was not ready yet to compete with China in the production of EVs. “They’ve developed very quickly, and they’ve developed them in large scale and now they’re exporting them” Ford said, referencing China’s EV production capabilities.

WHY: Last month, Ford CEO Jim Farley said that Chinese electric vehicle makers are its main competition in the sector, and that Ford needs distinctive branding or lower costs to beat its Chinese rivals.

Intel, Germany shake hands on chip plant

WHAT: In a match made in tech heaven, Intel and the German government sealed the deal on a mega-investment worth a whopping $32 billion for a chip manufacturing site in the city of Magdeburg.

WHY: Intel acquired land for two semiconductor facilities in Magdeburg in eastern Germany in November, with the company saying the first of them is expected to start production within the next four to five years.

Going green for jobs?

WHAT: LinkedIn’s Global Green Skills Report 2023 reveals an interesting finding: job listings demanding “green skills” have reached an all-time high, surging by a hefty 23% last year. According to the report however, only one in eight workers currently have green skills, reflecting that demand is growing more quickly than supply.

WHY: Examples of green skills include those related to water preservation, sustainability management, or energy efficiency — all of which help decrease pollution, preserve national resources, and mitigate the impact of global warming.

Key Economic Events

• Tuesday - No Major Economic News

• Wednesday - UK CPI Y-o-Y

• Thursday - Initial Jobless Claims, Bank of England Bank Rate

• Friday - No Major Economic News

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