Good morning. US stock futures slipped in Monday morning trading as investors geared up for a busy week of corporate earnings.

"Once investors realized the asset they had paid a lot of money for stopped having the attributes they expected, the collapse is typically brutal"

Louis-Vincent Gave

Top News

Biden Admin wipes away billions in student debt

WHAT: The US Department of Education is shaking things up in the student debt realm. By tweaking a mere technical requirement under an existing program, they’re set to wipe out a whopping $39 billion in student loan burdens. The change is expected to help more than 804,000 borrowers.

WHY: US President Joe Biden called the latest move part of his administration’s effort to “bring the promise of college to every American”

EU looks West to Latam, Caribbean

WHAT: Over 50 leaders from the European Union, Latin America and the Caribbean are dusting off their summit gear after eight long years this week as they gather in Brussels for a EU-CELAC (Community of Latin America and Caribbean States) summit. Both sides are expected to be eager to form economic partnerships after years of stifled communications.

WHY: The EU has acknowledged it has sometimes neglected its Latin American partners as China’s role in the region has risen, but that regular EU-CELAC summits can provide a counterbalance to Beijing.

US Treasury Secretary “eager” to work with China

WHAT: US Treasury Secretary Janet Yellen has declared herself “eager” to work with China on areas of mutual interest like giving a helping hand to poorer nations with their debt woes. At a press conference ahead of a G20 meeting in India, Yellen said that her most recent trip to Beijing put the US-China relationship on “surer” footing.

WHY: Concerns still remain about China’s trade practices which prompted the US to impose a number of tariffs on Beijing.

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In Other News

United agrees to pilot pay increase

WHAT: The skies just got a whole lot friendlier for United Airlines pilots! The company and its representative union announced that they had settled wage negotiations that had dragged on for more than four years, with pilots inline for a 40% pay increase over the next four years. The Air Line Pilots Association valued the deal at about $10 billion.

WHY: Once the deal is approved pilots will get immediate wage-rate increases of 13%-18%, depending on the type of plane they fly, followed by four smaller annual raises, according to a summary provided by the union.

Twitter still in a world of financial pain…

WHAT: Despite Elon Musk’s lofty aspirations for Twitter’s financial success, the social media platform finds itself swimming against the cash flow current. According to Musk, the company remains cash flow negative because of a 50% drop in advertising revenue and an onerous debt load.

WHY: After laying off thousands of employees and cutting cloud service bills, Musk had said the company reduced its non-debt expenditures to $1.5 billion from an estimated $4.5 billion in 2023. Twitter also faces annual interest payments of about $1.5 billion as a result of the debt it took on in the $44 billion deal that turned the company private.

Gen-Z most entrepreneurial generation

WHAT: Gen-Zers love entrepreneurship! In fact, according to a new study, Generation Z seems desirous of exploring business ownership more than any generation before them. The study, conducted by ZenBusiness, a Texas-based platform that helps people launch and manage their own business, found that 84% of Gen-Z’s surveyed selected entrepreneurship as the most exciting career path and 75% ultimately want to become entrepreneurs.

WHY: The study also suggested that Gen-Z might be more inclined to starting businesses because they see the world differently. Over half of the Gen-Zers surveyed described themselves as neurodiverse.

Key Economic Events

• Monday - No Major Economic News

• Tuesday - NAHB Housing Market Index

• Wednesday - No Major Economic News

• Thursday - Philadelphia Fed Business Outlook

• Friday - No Major Economic News

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