Good morning. US stock futures moved lower in Monday morning trading as investor tried to hang on to the January rally amid worries about monetary policy and slowing earnings.

"Becoming rich doesn't guarantee happiness. In fact, it is almost certain to impose the opposite condition - if not from the stresses of protecting wealth, then from the guilt that inevitably accompanies its arrival"

Felix Dennis

Top News

US, EU launch AI partnership

• The United States and the European Union announced a collaboration to accelerate and improve the implementation of artificial intelligence in various fields, including agriculture, healthcare, emergency response and the electric grid.

• The initiative is intended to give governments greater access to more detailed and data rich AI models that could be used to improve the speed and efficiency of government operations and services.

Smartphone slow down hits China

• According to research firm IDC, China's smartphone sales experienced a significant decline in 2022, with a 13% year-on-year drop, the largest decrease for the sector in a decade.

• Strict Covid-19 controls in China, which ramped up in the spring of 2022, weighed heavily on its economy which slumped to one of its worse levels in nearly half a century last year.

Credit card company being probed over practices

• Visa announced that the antitrust division of the US Department of Justice has requested documents and information related to Visa's US debit card practices and competition with other payment networks.

• The Justice Department has previously investigated the credit cards payment industry but settled with Visa and Mastercard in 2010 when they agreed to allow merchants to offer incentives to use a low-cost credit card.

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In Other News

White House takes shot a Big Oil

• The White House has taken aim at major US oil companies, claiming they are prioritizing dividends to shareholders over increasing investments in oil production.

• Chevron and Exxon, the two largest oil producers in the US, are poised to post record annual profits for 2022 of nearly $100 billion combined analysts forecast.

Regulators cast eye on Musk...again

• US regulators are conducting an investigation into Elon Musk's involvement in making claims about Tesla's self-driving capabilities.

• The review is part of an ongoing Securities and Exchange Commission probe of the company's statements about its autopilot driver assistance system, according to sources familiar with the matter.

Bye bye Boeing...747

• Boeing is retiring its 747 - the original "jumbo jet" - from production after more than five decades of aviation dominance.

• The last commercial Boeing jumbo will be delivered to Atlas Air, 53 years after the 747's instantly recognizable silhouette grabbed global attention as a Pan Am passenger jet.

Key Economic Events

• Monday - No Major Economic Events

• Tuesday - Conference Board Consumer Confidence

• Wednesday - FOMC Rate Decision, Press Conference After FOMC Meeting

• Thursday - Bank of England Rate Decision, ECB President Lagarde Speaks

• Friday - US Unemployment Rate

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