Good morning. US stock futures fell in Wednesday morning trading as investors digested inflation data and continued to monitor developments in the global financial system.

"Timing crashes is impossible. If you require a forecast in order for your investment thesis to do well, then I think you're doing it wrong"

Mark Spitznagel

Top News

US inflation moderates but remains elevated

• US consumer price increases eased slightly from January to February, but still pointed to an elevated inflation rate that currently poses a challenge for the Federal Reserve given recent events in the US banking and financial system.

• Prices in February were 6% higher than a year ago, down from an annual rate of 6.4% in January, and significantly lower than the 9.1% peak of inflation seen in June.

US banking system given "negative" outlook

• Moody's Investor Services changed it outlook on the US banking system from "stable" to "negative" citing increased risk after the collapse of Silicon Valley Bank sparked contagion fears.

• The ratings agency also added that it expected the Federal Reserve to continue tightening monetary policy in spite of the recent bank failures.

TikTok considers breakup

• According to reports from Bloomberg, TikTok -- owned by China's ByteDance -- is contemplating a separation from its parent company as a potential solution to address US concerns regarding national security risks.

• TikTok, used by over 100 million Americans, has come under increasing fire over fears that user data could end up in the hands of the Chinese government undermining Western security interests.

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In Other News

"Wish granted" in France

• ContextLogic, the operating company behind e-commerce platform Wish announced that it has been granted permission to operate in France again.

• The company had previously faced a ban and was removed from search engines and app stores due to concerns over product safety.

Tyson flies the coup on chicken plant

• Tyson Foods said it will close two of its chicken plants in May as part of its plan to "strengthen its poultry business by optimizing operations and utilizing full available capacity at each plant."

• The plant closures, taking place in Virginia and Arkansas, come on the heels of Tyson's chicken business underperforming expectations in its last financial quarter.

Meta's "Year Of Efficiency" continues with more job cuts

• In its second major round of job cuts in the past 6 months, Meta Platforms announced plans to layoff approximately 10,000 employees and close about 5000 additional roles.

• Meta, which also owns Instagram and WhatsApp, has seen a slowdown in advertising revenue, leading to its first ever annual sales decline in 2022.

Key Economic Events

• Wednesday - UK Jeremy Hunt's Annual Budget

• Thursday - ECB's Lagarde Speaks

• Friday - U. Of. Mich. Sentiment

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