Good morning. US stock futures inched higher in Thursday morning trading as investors pored through the latest batch of corporate earnings.

"Mostly they (economists) are employed in the financial sector for their entertainment value rather than their advice"

John Kay

Top News

US govt officials push EVs   

•  Two senior Biden administration officials urged Americans to consider buying zero-emissions vehicles as they made an appearance at the Washington Auto Show in DC.

• Energy Secretary Jennifer Granholm and White House Climate Advisor Ali Zaidi test drove vehicles from Ford and Chevrolet during the event, touting the revamped $7500 EV tax credits and new $4000 second-hand EV credits.

Economists, markets split over 2023 growth prospects

• According to a Reuters poll, economists forecast global economic growth to barely clear 2% this year, at odds with widespread optimism in financial markets since the start of the year.

• Lower energy prices, slowing inflation, a strong eurozone economy and China's reopening have led traders to believe the downturn will be less severe in 2023 than expected.

UK to offer subsidies to chip makers 

• The British government plans to provide a range of subsidies to support the country's semiconductor companies according to reports from Bloomberg.

• The subsidies slated for roll out include seed money for startups, help for existing firms to scale up, and new incentives for private venture capital the report stated.

In Other News

Tackling Twitter's debt 

•  Elon Musk's team is considering raising $3 billion to help pay off some of the $13 billion in debt tacked on to Twitter for his buyout of the company according to reports from the Wall Street Journal.

• The Tesla CEO borrowed $13 billion to close the acquisition of Twitter in October from a syndicate of banks including Morgan Stanley and Bank of America.

Facebook, Instagram to reinstate Trump accounts 

• Meta Platforms, parent company for Facebook and Instagram announced that it will allow former President Donald Trump to return to his accounts in the coming weeks, two years after his suspension was enacted.

• Facebook, Twitter and YouTube made the decision to block Trump's accounts following the insurrection that took place at the US Capitol in 2021.

Massive buyback!

• Energy giant Chevron said it would triple its budget for stock buybacks to $75 billion, the oil industry's most ambitious shareholder payout to date.

• Energy companies have been facing calls from investors and the White House to spend more on drilling activity or acquisitions to reduce fuel prices for consumers.

Key Economic Events

• Thursday - US GDP Annualized Q-o-Q

• Friday - U. Of. Mich. Sentiment

Notable Briefs

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