Good morning. US stock futures climbed in Thursday morning trading as investors awaited key inflation data that could affect the Federal Reserve’s next policy move.

"The most encompassing view of interest is contained in the notion of interest as ‘the time value of money’ or, simply, as the price of time"

Edward Chancellor

Top News

White House tackles AI threats with new competition

WHAT: The White House is shelling out big bucks for a cyber contest to spur use of artificial intelligence (AI) to find and fix security flaws in US government infrastructure. The two-year contest will include around $20 million in rewards and will be led by the Defense Advanced Research Projects Agency (DARPA) - the US government body in charge of creating technologies for national security.

WHY: Numerous US organizations, from healthcare groups to manufacturing firms and government institutions have been hacking targets in recent years, and officials have warned of future threats especially from foreign adversaries.

Journalists call for AI regulations

WHAT: Writers, photographers and news groups are teaming up in an attempt to create some standards for artificial intelligence (AI). In an open letter signed by the Associated Press, Getty Images, Gannett and the News Media Alliance, a call was made to address concerns about AI’s impact on intellectual property right and the spread of misinformation.

WHY: Seven US companies that are leading AI developers agreed in July to voluntary safeguards set by President Joe Biden’s administration for building their technology, but the commitments aren’t enforceable and don’t touch on intellectual property concerns.

Reinsurer: Global losses from catastrophes spike in first half of 2023

WHAT: Mother Nature has been throwing quite the party and insurance companies are footing the bill! According to a report from Swiss Re, global insured losses from natural catastrophes rose to $50 billion in the first half of 2023, driven largely by claims in the US after a series of thunderstorms.

WHY: “With severe thunderstorms as the main driver for above-average insured losses in the first half of 2023, this secondary peril becomes one of the dominant global drivers of insured losses” Martin Bertogg, Head of Catastrophe Perils at Swiss Re said.

In Other News

Apple’s App Store payment rules stay

 WHAT: Apple just scored a major “W” from the highest court in the US. The US Supreme Court ruled that Apple can continue with its App Store payment rules for the time being. The decision effectively rejects Epic Games request which sought to enable developers to redirect iPhone users to lower-priced alternatives online.

WHY: With the Supreme Court’s ruling, Apple’s App Store payment rules will remain in place and developers will not have the ability to directly guide iPhone users to cheaper options outside of the App store.

Disney CEO: Ending Hollywood strike of tremendous importance

WHAT: Walt Disney CEO Bob Iger is rolling up his sleeves to solve the Hollywood writer and actors strike. In a turn from prior remarks, Iger cited his “deep respect” for creative professionals. ”Nothing is more important to this company than its relationship with the creative” Iger said as he delivered remarks on Disney’s quarterly earnings call.

WHY: The Hollywood writers’ strike crossed its 100th day with contract talks stalled and people on the picket lines protesting what they say is a disregard for their demands.

Verizon moves forward with price hikes

WHAT: Hold on to your phone bills ladies and gentlemen! Verizon is turning up the price dial. The company announced that they were raising prices on some of their wireless plans as the number-one US telecom firm by subscribers looks to boost revenue growth after a post-pandemic slowdown.

WHY: Verizon said the changes will roll out with the September bill cycle and notifications to customers have already started going out.

Key Economic Events

• Thursday - US CPI Y-o-Y

• Friday - No Major Economic News

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