Good morning. US stock futures moved lower in Friday morning trading as investors continue to monitor earnings season for insights on how companies fared amid high inflation and clues on how they're managing forward.

"Failure to handle psychological denial is a common way for people to go broke"

Charlie Munger

Top News

No recession likely says Biden

• US President Joe Biden said he is confident the US economy will not enter a recession in the next two years, despite ongoing concerns about a potential downturn.

• Economists for months have been warning of a possible recession in the US as the US Federal Reserve raised interest rates in order to tame decades-high inflation.

Airline industry facing multimillion $$ 5G upgrade costs

• The world's largest airline trade body stated the proposed US regulations to retrofit airplane altimeters to guard against 5G wireless interference may incur costs of at least $600 million for the industry

• The International Air Transport Association (IATA) said in comments filed with the Federal Aviation Administration (FAA) that the costs would be far higher than the $26 million estimated by the agency.

Air travel likely to take off in 2023

• The United Nations aviation agency predicts global air passenger demand will quickly return to pre-pandemic levels on most routes by Q1 2023, and will reach 3% growth compared to 2019 levels by the end of 2023.

• In December, airlines association IATA predicted a full global recovery to 2019 levels by 2024.

In Other News

No more sharing

• Netflix unveiled plans to curb password sharing on its streaming platform with changes that include verifying the primary account location and having subscribers pay a small fee to add an additional member.

• Netflix lost subscribers in the first half of 2022, prompting the streaming giant to look more seriously into password sharing and launching an ad-supported plan.

Another day, another crypto firm under scrutiny...

• The US Securities and Exchange Commission is investigating cryptocurrency exchange Kraken for selling unregistered securities, according to a report from Bloomberg.

• SEC Chair Gary Gensler had previously said that companies that help facilitate transactions in the crypto market should register with the SEC just like other market intermediaries.

Fast fashion retailer raises wages

• Inditex, the parent company of fashion brand Zara has agreed to boost the wages of employees in its Spanish retail locations by 20%.

• UGT, a union representing more than half of the Zara workforce at shops in the country, said Inditex agreed to continue increasing salaries in line with inflation over the next three years.

Key Economic Events

• Friday - Fed's Walker Speaks At Crypto Conference, U. Of. Mich. Sentiment

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