Good morning. US stock futures fell in Tuesday morning trading as investors lookahead to key economic reports due later in the week.

"I’m only rich because I know when I’m wrong"

George Soros

Top News

US Senators optimistic about Xi meeting in China

WHAT: A bipartisan group of US Senators are gearing up for a China adventure! US senators are hoping to engage with Chinese President Xi Xinping in an upcoming trip to China, as a recent flurry of diplomacy bolsters expectations of a leaders meeting between the two superpowers.

WHY: The senators’ trip follows several China visits by high level officials in President Joe Biden’s administration seeking to smooth ties after months of escalating tensions between the East and Western superpowers.

Fed exec: Rates are about as restrictive as they’ll likely get

WHAT: Federal Reserve Vice Chair for Supervision Michael Barr is declaring “mission completed” on the Fed’s over 18-month journey of hiking interest rates. Speaking at a Forecasters Club event in New York, Barr said he believes the Fed is “likely at or very near” a level of interest rates that’s sufficiently restrictive to bring inflation back to the Fed’s 2% target over time.

WHY: Recently published projections show that 12 out of 19 policymakers expect one more rate increase for this year, and fewer rate cuts in 2024 than previously anticipated.

IMF to private sector: Climate investment is your responsibility

WHAT: The International Monetary Fund (IMF) is giving a climate investment reality check! According to the IMF, most of the $2 trillion in climate investments in developing countries needed by 2030 will have to come from the private sector as governments run the risk of facing high debt levels if they try to get to “net-zero” with public funds.

WHY: Of the $5 trillion in annual investments needed by 2030, to meet net-zero emissions goals, $2 trillion will need to be made in emerging markets and developing economies.

In Other News

Microsoft CEO chides Google over “unfair practices”

WHAT: It looks like the tech titans are throwing shade at each other! In a packed courtroom in Washington, DC, Microsoft CEO Satya Nadella accused Google of using unfair tactics to dominate the internet search engine business, effectively thwarting competition like Microsoft’s Bing search engine.

WHY: The Justice Department’s antitrust case against Google centers on deals the company struck with Apple and other device makers to use Google’s search engine.

TikTok parent company valuation dips

WHAT: ByteDance, the parent company behind TikTok, is on a bit of a share shopping spree! According to reports from The Information, the company is buying back shares from US employees in a deal that values the company at $223.5 billion, about 26% lower than the valuation it hit last year in a similar transaction.

WHY: Several startups have had to take a cut to their valuations, as the pandemic-era exuberance of 2020 and 2021 in the private investment market due to accommodative monetary policy and easy capital that had led to unsustainable spikes waned.

X marks the spot with Paris Hilton deal

WHAT: X, the platform formerly known as Twitter, is teaming up with Paris Hilton for a bit of a social media makeover. The company announced that it will work with Hilton to create original video content on fashion, beauty, travel and other topics.

WHY: X has been pushing for new avenues of growth since Elon Musk’s chaotic takeover in 2022 led advertising sales to decline by more than half.

Key Economic Events

• Tuesday - No Major Economic News

• Wednesday - No Major Economic News

• Thursday - Initial Jobless Claims (wk end Sept 29)

• Friday - U.S. Unemployment Rate, U.S. Consumer Credit

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