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Good morning. US stock futures dipped in Friday morning trading as investors pored through bank earnings.

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📈 US consumer prices tick surprisingly higher

📝 Our report: US prices are on the move again, doing a tango at a pace that even surprised economic forecasters! The prices consumers pay for a variety of goods and services increased at a slightly faster-than-expected pace in September, keeping inflation in the spotlight for policymakers.

 🔑 Key points:

  • The consumer price index (CPI), a closely followed inflation gauge, increased 0.4% on the month and 3.7% from a year ago, above respective forecasts of 0.3% and 3.6%.

  • In keeping with recent trends, shelter costs were the main factor in the inflation increase. The index for shelter, which makes up about one-third of the inflation weighting accelerated 0.6% for the month, and 7.2% from a year ago.

  • The CPI report comes as Federal Reserve officials contemplate their next policy move.

💡 So what: Inflation erodes the purchasing power of individuals. Since the end of the pandemic, the US has been grappling with the highest inflation levels in over four decades. As part of their mandate, the Federal Reserve is focused on bringing inflation back to sustainable levels to strengthen the purchasing power of citizens.

Friday - No Major Economic News

🚢 China’s imports and exports take a hit

💸 Trump’s SPAC gives back cash

🧑🏼‍🏫 These are the questions you should consider asking financial advisors

🚙 US EV sales hit record high

WHAT: Looks like the electric vehicle (EV) revolution might be charging up! Sales of EV’s in the US jumped to over 300,000 for the first time in the third quarter, the highest on record, according to a report by Cox Automotive.

WHY: Total EV sales for the third quarter rose almost 50% from a year ago, and accounted for a record 7.9% of total industry sales the report showed.

🤖 Google to the rescue…

WHAT: Google just declared itself the superhero of the generative AI world! If you’re a user caught up in the web of intellectual property accusations in Google Cloud or Workspace, the company will come to your legal defense, Google said.

WHY: The new wave of lawsuits over generative AI has generally targeted the companies that own the systems like Google and not individual end users.

🔎 EU launches investigation into X

WHAT: Elon Musk’s social media empire X is getting a visit from the European Union’s content cops. The European Commission is launching an investigation to see whether X complies with new EU tech rules on illegal and harmful content following the spread of disinformation after the outbreak of the Israeli-Palestinian conflict.

WHY: The EU executive branch said it has formally asked X to provide information in accordance with the Digital Services Act.

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