Good morning. US stock futures dipped in Friday morning trading as investors pored through bank earnings.
📈 US consumer prices tick surprisingly higher
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
🚙 US EV sales hit record high
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…
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
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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