Good morning. US stock futures rose in Monday morning trading as investors looked ahead to another big week for retail earnings

"Perhaps nothing is more indicative of a company's management than its accounting methods"

Benjamin Graham

Top News

Yellen trains eye on deficit reduction

•  US Treasury Secretary Janet Yellen expressed her readiness to engage with Republican lawmakers regarding the Budget proposal of the Biden Administration to be presented next month.

• In an interview with Reuters, Yellen said the Biden budget for fiscal 2024 would contain "substantial deficit reduction over the next decade"

EU, UK heads to meet over trade dispute

• Expectations are high that a resolution to a difficult post-Brexit trade dispute will be achieved as British Prime Minister Rishi Sunak and European Union leader Ursala von der Leyen prepare for in-person negotiations.

• Relations between the U.K and the EU have been severely tested after years of Brexit wrangling.

IMF: Stay the course on inflation 

• Kristalina Georgieva, managing director of the International Monetary Fund advised central banks around the world to remain vigilant until inflation is effectively under control.

• The IMF chief added that authorities should not let their guard down as price stability is essential for investors and consumers to keep on spending, which she referred to as "foundations for economic growth"

In Other News

G20 views diverge on debt restructuring 

•  IMF managing director Kristalina Georgieva stated that the Group of 20 nations (G20) have divergent views on how debt restructuring should take place for struggling economies.

• China, the world's largest bilateral creditor, urged the group of big economies to conduct a fair, objective and in-depth analysis of the causes of global debt issues, as clamor grows for lenders to take a large haircut or accept losses on loans.

How sustainable are sustainable funds? 

• According to a report from Morningstar, inflows from the US into sustainable funds - which focus on environmental, governance and social investment strategies - decreased to $3.1 billion in 2022, largely due to the impact of increasing interest rates, oil prices, and inflation on the markets.

• 2022 figures represented the lowest level for sustainable fund flows since 2015, and a pronounced shift following several record-setting years in 2019, 2020, and 2021.

Remember Nokia? 

• Nokia declared intentions to adopt a new brand identity, including a fresh logo, as part of the telecom manufacturers most ambitious rebranding and expansion effort in nearly six decades.

• Major tech firms have been partnering with telecom gear makers such as Nokia to sell private 5G networks and gears for automated factories, mostly in the manufacturing sector.

Key Economic Events

• Monday - Dallas Fed Manf. Activity

• Tuesday - Conf. Board Consumer Confidence

• Wednesday - No Major Economic News

• Thursday - Eurozone CPI M-o-M

• Friday - Fed's Bostic Discusses Research

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