Good morning. US stock futures inched higher in Tuesday morning trading as investors looked toward the next batch of economic data and readied for the end of the second quarter.

"People would rather believe that they have been robbed than that they have been fools on the advice of fools"

Fred Schwed Jr.

Top News

OPEC: More oil will be used in the future, not less

WHAT: OPEC has some predictions that will make gas guzzlers everywhere roar! They’re predicting that in about 20 years, global oil demand will skyrocket to a whopping 110 million barrels a day. “Oil is irreplaceable for the foreseeable future” OPEC Secretary General Haitham Al Ghais said while addressing the Energy Asia conference held in Malaysia.

WHY: From now until 2030, Al Ghais predicted another half a billion people will move to cities across the world as the global economy continues to expand, pointing out that underinvestment in the oil industry will only challenge the viability of current energy systems and lead to “energy chaos”

EU advances work on digital euro

WHAT: The European Union is about to drop some draft rules that will lay the legal groundwork for the future digital version of their currency. If given the greenlight by the European Central Bank, the digital euro could be in circulation as early as 2026.

WHY: Central banks across the world are looking into digital versions of their currency to avoid a gap in faster payments being filled by the private sector as the use of cash dwindles.

Biofuels for transport get government boost

WHAT: Get ready to fuel up with a twist of green power! The US Department of Agriculture is spending $450 million to boost the production and availability of transportation fuels mixed with biofuels. The Biden Administration sees the expanded use of lower emissions biofuels as critical to decarbonizing the transportation sector.

WHY: The money, which comes from the Inflation Reduction Act will go to the USDA’s Higher Infrastructure Incentive Program, a cost-share program for fuel facilities to build and retrofit infrastructure that supports biofuel blending and distribution.

In Other News

VR with a subscription?

 WHAT: Meta Platforms is diving into the subscription game! CEO Mark Zuckerberg took to Instagram to announce Meta Quest+, a subscription-based business for their Meta Quest headsets. Zuckerberg said the subscription would cost $7.99 per month or $59.99 annually for its Quest 2, Pro and soon Quest 3.

WHY: Considered the next “big thing”, the adoption of virtual reality headsets has been limited to the gaming community despite the devices now having more advanced features.

Amazon turns to small businesses to fill deliveries

WHAT: Amazon is taking its delivery game to the next level. The e-commerce giant unveiled their master plan, called Amazon Hub Delivery, where they will pay small business owners to become their delivery superheroes. The program will operate in 23 states and focus on large rural areas and dense cities including Seattle, New York, Boston and Los Angeles.

WHY: Amazon said it was interested in partnering with florists, coffee shops, clothing boutiques, gas stations, plumbers and hair salons but would consider other businesses too. The company said it wants to partner with 2500 small businesses by the end of 2023.

US ramps up spending on universal internet access

WHAT: The White House is doling out $42 billion to all 50 states and US territories to make sure high-speed broadband internet access becomes as common as your favorite streaming service by 2030. The funding, provided under the Broadband Equity Access and Deployment Program was authorized by the $1 trillion 2021 infrastructure law championed by President Joe Biden.

WHY: According to estimates, there are some 8.5 million locations in the US that lack access to broadband connections. Many broadband internet service providers have been reluctant to provide access to low-population rural communities because of the costs associated with investments versus the small subscriber base.

Key Economic Events

• Tuesday - CB Consumer Confidence

• Wednesday - Fed Chair Powell Speaks

• Thursday - Fed’s Bostic Speaks

• Friday - U. Of. Mich. Consumer Sentiment

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