Is The US Getting Poorer?

Good morning. US stock futures dipped in Friday morning trading as investors looked ahead to a key US jobs report.

🏦 US household net worth shrinks

📝 Our report: U.S. household wealth took a quirky rollercoaster ride, dipping to around $151 trillion in the third quarter, pulled down by a drop in the value of stocks which more than offset a half-trillion rise in the value of property prices, the Federal Reserve said in a recently released report.  

 🔑 Key points:

• It was the first drop in household wealth since the third quarter of 2022. The U.S. central bank's rate-hiking campaign to quell inflation dented household net worth for much of last year through falling stock market values and weaker property prices.

• The size of households' cash warchests - comprising a variety of bank deposits and money market mutual fund holdings - continued to diminish last quarter, declining for a record sixth straight quarter to $17.7 trillion, the data showed.

• Debt levels for households, businesses and governments also kept rising in the third quarter, although at a slower pace than the previous quarter. Total nonfinancial debt increased at an annualized rate of 5.2%, slower than the 6.3% pace recorded in the April to June period.

💡 So what: A decline in US household wealth can impact consumer spending and economic confidence, potentially influencing individuals' ability to save, invest, and make significant purchases. Policymakers and economists often monitor trends in household wealth as part of assessing the overall economic health of a nation.

 Friday - Consumer Sentiment, US Unemployment Rate

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🛢️ Canada goes after oil, gas firms with major emissions targets

WHAT: Canada is giving its oil and gas industry a climate-conscious makeover, demanding emissions to take a 35% to 38% dip below their 2019 levels within the next six years. Environment Minister Steven Guilbeault announced the long-promised oil and gas emissions cap at the COP28 summit in Dubai, a policy likely to inflame tensions with conservative leaders of western provinces that are home to the bulk of the industry.

WHY: Prime Minister Justin Trudeau’s government will implement a cap-and-trade system to achieve the cuts. It will set a legal limit on the sector’s emissions and then allow companies to buy and trade a limited number of emissions allowances or permits.

🤖 Musk to offer new AI chatbot to X premium subscribers

WHAT: Elon Musk is gearing up to launch his new AI chatbot, Grok, with a unique twist — he’s making it available to premium subscribers of X, the company formerly known as Twitter. As more advertisers move away from the microblogging platform, the billionaire has stressed on reducing the company's reliance on advertising and has turned his focus on subscriptions and making them more attractive.

WHY: Large tech companies including Microsoft and Alphabet's Google are racing to launch AI-powered products after OpenAI's chatbot ChatGPT caught the imagination of businesses and users globally.

📹 Italy tightens stance on video sharing platforms in move to protect minors

WHAT: Italy's content referees, AGCOM, are donning their superhero capes with new rules to zap "harmful content" on online video platforms like YouTube, TikTok, and Instagram. Starting Jan 2024, AGCOM aims to protect minors and consumers by tackling videos that dance dangerously close to promoting hate—whether it's racial, sexual or religious, the regulator said in a statement.

WHY: Italy's move follows the European Union's approval of its Digital Services Act (DSA), passed in October 2022, which requires Big Tech to do more to fight harmful and illegal online content, especially if it is aimed at minors.

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