Good morning. US stock futures rose in Monday morning trading as investors readied for a week with more corporate earnings and key inflation readings.

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Warren Buffett

Top News

US office loan delinquency rates rise

WHAT: According to a report from Moody’s Investor Service, delinquency rates for US office loans are on the rise, up 124 basis points in the second quarter to 4.47%. From April to June, a whopping $1.63 billion in loans became delinquent.

WHY: In many cities, office buildings have faced high vacancy rates as remote work, which took off during the Covid-19 pandemic, has remained popular.

Fed exec: More rate hikes likely ahead

WHAT: Federal Reserve governor Michelle Bowman is still all about taking the fight to inflation! Delivering remarks at a Kansas Bankers Association event, Bowman said the Fed may need to raise rates further in order to fully restore price stability. “Additional rate increases will likely be needed to get inflation on a path down to the FOMC’s 2% target” Bowman said.

WHY: The Fed’s July rate hike brought the fed funds rate to a range of 5.25%-5.50%, the highest level in 22 years.

Hollywood strike continues…

WHAT: In the latest episode of what can be described as its own Hollywood drama series, the Writers Guild Of America sat down with major studio representatives last week to see if they could settle contract negotiations. However, according to a statement from the guild, no agreement was reached.

WHY: The 11,500 members of the Writer’s Guild walked out May 2, citing an impasse over pay, streaming residuals, and other issues such as setting curbs on the use of artificial intelligence.

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In Other News

AI likely to upend wealth, asset management industry

WHAT: According to a new PwC survey, 1 in 6 asset and wealth management companies are facing a wild ride of potential buyouts or shutdowns in the coming five years as a result of disruption brought on by the rise of artificial intelligence. There’s a strong basis for PwC’s prediction: roughly 341 mergers and acquisition deals were done last year — up 11% from the year prior — in the wealth management industry according to consulting firm Echelon Partners.

WHY: PwC also sees investments in AI fueling the rise of “robo-advisers”. It estimates that robo-advisers will grow to manage a whopping $6 trillion by 2027.

We’ll pay for it!

WHAT: In a daring move to champion the rights of X users, Elon Musk is stepping in to play the role of social media justice warrior. In a post on X, the platform formerly known as Twitter, Musk said his company would cover the legal cost of those who faced unfair treatment from their employers because of posting or liking something on the platform.

WHY: In early July, Musk said the platforms cash flow remains negative as it tries to navigate a near 50% drop in advertising revenue and heavy debt load.

Barbie’s billion-dollar box office bonanza

WHAT: In just three weeks since its release, box office sensation Barbie has zoomed past the $1 billion mark at the global box office. Official Warner Bros estimates put the global earnings at $1.03 billion, a figure that, on an inflation-adjusted basis, only about 50 films in history have surpassed.

WHY: The movie has been number one in the Mexican, UK and Australian markets since its release according to cinema tracking site Box Office Mojo.

Key Economic Events

• Monday - No Major Economic News

• Tuesday - Philadelphia Fed’s Harker Speaks, US Trade Balance

• Wednesday - No Major Economic News

• Thursday - US CPI Y-o-Y

• Friday - No Major Economic News

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