Good morning. US stock futures fell in Tuesday morning trading as higher rates continue to pressure market sentiment.

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Top News

Developing countries debt burden main focus as G20 meet

•  German finance minister Christian Lindner said the primary topics to be discussed during the upcoming G20 meeting will be the state of the global economy and the situation of countries with high levels of debt.

• G20 finance minister and central bank chiefs will meet later this week to discuss growing debt troubles among developing countries triggered by the pandemic and the war in Ukraine.

Russia's economy shrinks

• Despite US and EU sanctions imposed on Russia for its invasion of Ukraine, the country's economy shrank by 2.1% last year, far less severe than had been anticipated primarily due to surging commodity prices in 2022.

• The hardest hit sectors were the wholesale and retail trade, as well as manufacturing and transport, Russia's Federal Statistics Service said.

Consumer confidence rises in Eurozone 

• The Eurozone consumer sentiment rose to its highest level in a year, showing signs the region is becoming more resilient and optimistic of avoiding a recession this year.

• A gauge of confidence compiled by the European Commission increased to -19 in February from -20.7 in January according to a recently released report.

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In Other News

More speed needed for EU crypto rules

•  The executive of the European Union said that if Europe wants to meet a globally agreed deadline, strict capital regulations for banks holding cryptoassets must be expedited in the upcoming banking laws of the EU.

• The global Basel committee of banking regulators from the world's main financial centers has set a January 2025 deadline for implementing capital requirements for banks' exposure to cryptoassets such as stablecoins and Bitcoin.

Lawsuit tossed...for now 

• Facebook successfully resisted a collective lawsuit estimated to be worth up to 3 billion pounds (US$ 3.8 Billion) which accused the social media giant of exploiting its dominant position to generate revenue from users' personal data.

• Meta Platforms, the parent company of Facebook, faces a mass action suit brought on behalf of around 45 million Facebook users in Britain.

Time ticking on Apple Watch patent case 

• An ongoing intellectual property dispute could result in an import ban of an Apple Watch model due to an infringement of a patent owned by Masimo Corporation.

• A US International Trade Commission judge in January ruled that the Apple Watch 6 infringed Masimo's patent for blood oxygen measurement.

Key Economic Events

• Tuesday - No Major Economic News

• Wednesday - FOMC Meeting Minutes, Fed's Williams Speaks

• Thursday - Eurozone Inflation Rate, US GDP (Q4), Fed's Bostick Speaks

• Friday - Michigan Consumer Sentiment Final (Jan), Fed's Mester Speaks

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