Good morning. US stock futures fell in Friday morning trading as investors awaited personal income and consumer spending data for insights into the health of US consumers.

"There's no hiding in the investment business. The numbers are what they are. You can make up all the excuses you want"

Stan Druckenmiller

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Top News

 US GDP gets revision

•  The latest economic data released by the US Commerce Department shows that economic growth for the fourth quarter of 2022 was revised down due to a decrease in consumer spending.

• Inflation-adjusted gross domestic product, or the total value of goods and services produced in the US, increased at a 2.7% annualized rate during the period as compared to a previously reported figure of 2.9%.

 Biden administration pushes hard for chip factories

• The US government will incentivize the construction of two or more advanced domestic computer chip factories with union workers as part of a $52.7 billion initiative according to Commerce Secretary Gina Raimondo.

• US Congress in August last year approved $52.7 billion for semiconductor manufacturing and research, and cleared a 25% investment tax credit for chip plants.

EU bans TikTok from staff cellphones 

• The European Union's executive arm has requested its staffers to delete popular video sharing app TikTok from their mobile devices.

• The ban is part of a growing movement to restrict TikTok on government devices spurred by concerns about cybersecurity risks and the company's ties to the Chinese government.

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In Other News

Who wants to share?

•  Starting in the second quarter, Google is requesting that its cloud employees and partners share their desks and alternate days with their desk mates, as the company cites the need for "real estate efficiency" according to reports from CNBC.

• The move comes as Google downsizes its real estate footprint amid broader cost cutting and staff restructuring.

More charges for disgraced crypto wunderkind

• Sam Bankman-Fried, the former CEO of embattled crypto trading platform FTX has been hit with fresh fraud charges including four new charges of securities fraud and conspiracy fraud counts.

• The new charges raise the prison sentence Bankman-Fried could face if convicted from 115 years to 155 years authorities said.

Stream for less!

• Amid intense competition and limited consumer spending, Netflix is reducing subscription plan prices in select countries to retain its subscriber base the streaming giant recently announced.

• The price cuts are expected to be rolled out in territories such as the Middle East, Sub-Saharan Africa, Latin America and Asia according to reporting from the Wall Street Journal.

Key Economic Events

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

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