🤖 Will China Reign As A Tech Superpower?

Good morning. US stock futures fell in Tuesday morning trading as Wall Street continued to digest earnings reports and commentary from Federal Reserve officials.

🦾 China goes after tech supremacy crown 

📝 Our report: China is putting on its thinking cap and planning to whip up some development blueprints for emerging industries, including the likes of quantum computing and generative artificial intelligence. They're even aiming to achieve tech self-sufficiency, according to their latest government work report.  

 🔑 Key points:

• Beijing has in recent years made achieving technological self sufficiency a priority, hit hard by trade tensions with the United States which has restricted exports of chips and some other components to China.

• The country also said it will nurture more first-class scientists and innovation teams and improve mechanisms for identifying and nurturing top-tier innovators.

• Since last year, the ruling Communist party has been granted more power in making tech-related policies, part of a bigger government restructuring.

💡 So what: China's efforts to become a tech powerhouse signify a strategic ambition to assert dominance in the global technology landscape. By positioning itself as a leader in these areas, China aims to enhance its economic competitiveness, reduce reliance on foreign technology, and exert greater influence on global technological standards and trends.

Tuesday - Fed Vice Chair for Supervision Michael Barr Speaks

Wednesday - Fed Chair Jerome Powell Testifies To Congress, Federal Reserve Beige Book

Thursday - U.S. Trade Balance, Consumer Credit

Friday - New York Fed President John Williams Speaks

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🛑 Boeing under pressure over quality control standards

WHAT: Hold onto your tray tables! The Federal Aviation Administration (FAA) just gave Boeing and its trusty supplier a not-so-glamorous report card, finding "multiple instances" where they missed the mark on making sure 737 Max manufacturing met the high-flying standards. The FAA said that it found “non-compliance issues” with Boeing's manufacturing-process control and parts handling and storage.

WHY: The FAA has stepped up its scrutiny of Boeing since an early January incident when a panel blew off a Boeing 737 Max 9 as it flew 16,000 feet above Oregon. Pilots of the Alaska Airlines jet were able to safely land the plane despite the hole in its side.

📱 Apple slapped with major fine in EU

WHAT: Apple just got a not-so-sweet surprise from the European Union – a whopping €1.8 billion ($2 billion) penalty for allegedly giving music-streaming rivals, including Spotify Technology SA, the cold shoulder on its platforms. “For a decade, Apple abused its dominant position in the market for the distribution of music streaming apps through the App Store,” EU antitrust chief Margrethe Vestager said.

WHY: Apple said it will appeal the EU’s decision, which sets off a legal battle that could last for years. In a statement, the company said regulators failed to “uncover any credible evidence of consumer harm, and ignores the realities of a market that is thriving, competitive, and growing fast.”

✈️ Airline merger squashed

WHAT: Well, it looks like JetBlue Airways and Spirit Airlines just hit the brakes on their $3.8-billion merger plan, waving the white flag after a U.S. judge put the kibosh on the deal in January over anti-competition worries. U.S. Attorney General Merrick Garland said the decision by JetBlue "is yet another victory for the Justice Department’s work on behalf of American consumers" saying the merger "would have caused tens of millions of travelers to face higher fares and fewer choices."

WHY: A successful deal would have created the fifth-largest carrier in the United States and ensured Spirit's survival, as it burns through cash and struggles with its debt pile.

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