Good morning. US stock futures dipped in Monday morning trading as investors assessed the state of the global banking system.

"For reasons I have never understood, people like to hear that the world is going to hell"

Dierdre McCloskey

Top News

RIP Credit Suisse!

WHAT: And just like that, Credit Suisse's run as the Swiss powerhouse bank is over as rivals UBS Group agreed to a takeover in a historic, government-brokered deal worth roughly $3.3 billion.

WHY: Credit Suisse has been hammered over recent years by a series of blowups, scandals, leadership changes and legal issues. More recently clients pulled over $100 billion of assets from the bank as concerns mounted about its financial health.

By Our Powers Combined...

WHAT: Guess who's making it rain? Well kinda. The US Federal Reserve said they were teaming up with the central banks of Canada, Japan, England, European and Switzerland to enhance the global provision of liquidity.

WHY: The move comes on the heels of recent turmoil in the financial system on both sides of the Atlantic to ensure no further banking meltdowns occur. Time will tell!

Biden team grinding in Asia

WHAT: Looks like the Biden crew has been busy bees lately as they announced they've had a second round of talks for their fancy Asia engagement plan - you know, the one that deals with important stuff like labor, digital trade, environment and tech support.

WHY: This new initiative, formally known as the Indo-Pacific Economic Framework, is aimed at helping the US rebuild its image in the region, as well as countering China's efforts to expand its own influence.

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In Other News

Mercedes ain't messing around!

 WHAT: Oh snap! Mercedes-Benz is going all in on their eco-friendly game as they're about to drop some serious dough - billions really - to upgrade their factories in China, Germany and Hungary.

WHY: The moves come as the car maker prepares to switch to electric vehicles and cut emissions by the end of this decade. Who says you can't teach an old dog new tricks?

Who you gonna call? Buffett, that's who!

WHAT: Looks like Uncle Warren is back in the game! The big dog of Berkshire Hathaway has been fielding lots of calls from the Biden Administration as the US lay in the grip of a regional banking crisis.

WHY: Buffett has a long history of stepping in to aid banks in crisis, leveraging his cult investing status and financial heft (yea, billions of dollars!) to restore confidence in ailing firms.

FCC to Spammers: "Your robotexts are annoying AF!"

WHAT: Watch out spammers! The Federal Communications Commission is on the prowl and they're not messing around as they just rolled out new rules for telecoms companies to crack down on those pesky robotexts.

WHY: Apparently, customers have been going bonkers over all the unwanted messages with the FCC citing a surge in complaints in the past few years.

Key Economic Events

• Monday - No Major Economic News

• Tuesday - FOMC Begins Two-Day Meeting, ECB's Lagarde, Villeroy Speak

• Wednesday - FOMC Rate Decision, Fed Chair Hold Press Conference

• Thursday - Bank Of England Bank Rate, US Current Account Balance

• Friday - No Major Economic News

Notable Briefs

• Want to be more productive? Start by looking at how you sleep!

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