Good morning. US stock futures rose in Tuesday morning trading as investors looked ahead to key inflation data.

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Top News

Bank stocks hit despite US reassurance

• Shares of bank stocks around the world slumped sharply, wiping out billions of dollars in shareholder value despite reassurances from the US President that America's financial system is safe.

• President Biden, in a live speech, said his administration would do "whatever is needed" to protect the banking system from the contagion effects of the failure of Silicon Valley Bank.

Fed launches SVB probe

• The US Federal Reserve is commencing an internal investigation into its supervision of Silicon Valley Bank following its collapse which has led to scrutiny of the Fed's oversight.

• The collapse of the financial institution, which was overseen by the Federal Reserve Bank of San Francisco, was the biggest bank failure in more than a decade.

Biden admin intensifies push against "junk" airline fees

• US Transportation Secretary Pete Buttigieg proposed a bill to Congress that would ban airlines from charging an additional fee for an adult to sit next to a child aged 13 or younger, subject to certain conditions.

• During his State of the Union address last month, President Biden called out the practice of airlines charging families to sit together saying "airlines can't treat your children like a piece of luggage."

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In Other News

UK PM: British banking sector robust

• British Prime Minister Rishi Sunak expressed confidence that the country's banks were well-capitalized, joining other UK officials who stated that there is no worry about systemic risk in light of the failure of Silicon Valley Bank.

• "The Bank of England Governor and Chancellor were right in making it clear that our banks are well-capitalized and as such there is no concern about risks to the system" Sunak said in an interview.

VW sets up shop in Canada

• Volkswagen AG announced plans to build its first North American battery cell plant in the Canadian province of Ontario, a move seen as a huge vote of confidence in the Canadian auto industry.

• The German automotive giant said the plant would give its cars access to both Canadian and US subsidies, as it works to localize its electric vehicle production chain in the region.

Cali court sides with Uber, Lyft

• Ride sharing companies Uber and Lyft can continue to classify their California drivers as independent contractors, avoiding state laws that mandate worker protections and benefits, according to a ruling by a state appeals court.

• The ruling is a defeat for labor unions who passed a law in 2019 requiring companies like Uber and Lyft to treat their driver like employees.

Key Economic Events

• Tuesday - US CPI M-o-M

• Wednesday - UK Jeremy Hunt's Annual Budget

• Thursday - ECB's Lagarde Speaks

• Friday - U. Of. Mich. Sentiment

Notable Briefs

• Invest wisely during inflationary times by following these tips!

• Here are 10 ways you can save money on travel!

• These budgeting tips can change your life

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