Good morning. US stock futures ticked higher in Friday morning trading as traders parsed the latest earnings from big-name technology companies and await a major employment report.

"The way to maximize outcome is to concentrate on process"

Seth Klarman

Top News

US President urged to set broad restriction on US investments in China

WHAT: The head of a US House committee on China is encouraging US President Joe Biden to adopt strict restrictions on outbound US investments in the Asian powerhouse, especially in key areas that could harm US national security. Representative Mike Gallagher urged Biden to “include both public and private investments flowing to China” in new restrictions.

WHY: For more than two years US lawmakers have been pushing the Biden administration to boost oversight of investments by US companies and individuals in China.

EU banks to undergo “liquidity checks” next year

WHAT: Europe’s banks are about to face some major scrutiny from the European Banking Authority next year! The banking watchdog said it will begin checking whether national regulators are testing the assumptions banks have on finding liquidity after a collapse, particularly in light of the “potential speed of deposit withdrawals.”

WHY: The rapid evaporation of liquidity was highlighted by the collapse of Silicon Valley Bank in the United States, and has prompted global banking regulators to review the liquidity requirements for banks on a day-to-day basis.

Saudis extend oil output cut

WHAT: Saudi Arabia, one of the power players in OPEC, announced that they were extending their one million barrel per day oil production cut all the way through September. The move comes as other OPEC+ oil producers agreed to extend earlier production cuts through 2024.

WHY: A series of production cuts over the past year has failed to substantially boost prices amid weakened demand from China and tighter monetary policy aimed at combatting inflation.

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In Other News

Trade stocks on…X?

WHAT: X, the platform formerly known as Twitter, is setting its sights on Wall Street! According to reports from Semafor, they’ve been reaching out to financial data giants in search of a partner to build a trading hub inside the app.

WHY: Last year, Musk said he bought Twitter as “an accelerant” to creating X”, which he described as an “everything-app” and likened it to China’s WeChat.

S&P 500 CEOs pull in top dollar

WHAT: According to the AFL-CIO’s annual “Executive Paywatch” study, S&P 500 chief executives enjoyed an average paycheck of $16.7 million in 2022 — 272 times the pay of their median employees. The results however, were a decline on both measures over the prior year as CEO compensation declined with poor stock returns.

WHY: The pay ratio in this year’s study was the lowest it has been since 2019. Driven by hefty stock awards, CEO compensation has trended upwards.

Tesla in legal squabble over range claims in California

WHAT: Three Tesla owners in California have decided to take the automaker on a wild legal ride! In a proposed class action lawsuit, the owners accuse the company of falsely advertising the estimated driving ranges of its electric vehicles.

WHY: Tesla also faces lawsuits and regulatory scrutiny over its Autopilot and “Full Self Driving” technology, and its claims about the safety of those systems.

Key Economic Events

• Friday - Unemployment Rate (Jul)

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