Good morning. US stock futures fell in Wednesday morning trading as investors continue to monitor earnings reports on how some of the largest companies are faring amid elevated inflation levels and fears of slowing consumer spending.

"Investors should purchase stocks like they purchase groceries. Not like they purchase perfume"

Benjamin Franklin

Top News

US, India look to strengthen ties

• The White House has announced a new strategic partnership with India that aims to strengthen cooperation between both countries and enable them to compete with China in areas such as military equipment, semi conductors and artificial intelligence.

• The initiative also includes joint efforts on space exploration and high performance quantum computing.

US tussles with Canada over dairy imports

• The US announced its intent to request a second trade dispute settlement panel with Canada as it alleges that Canada has not fulfilled its obligation to open up its dairy market to American producers.

• Canada's Trade Minister Mary Ng expressed disappointment in the US' actions, vowing to defend the government's system, and reaffirming Canada's stance on supply management that supports farmers through tariffs and quotas on imports.

More oil production coming

• In its latest forecast, the US Energy Information Administration said that it expects US oil production to hit 12.4 million barrels per day in 2023 - a figure that would slightly exceed the record of 12.3 million barrels in 2019.

• Analysis by consulting firm Wood McKenzie found that worldwide fossil fuel exploration in 2022 hit the highest levels in over a decade.

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In Other News

EU asks: Who's cost is this really?

• The European Union said it plans to consult with the technology and telecoms industries on the issue of whether tech giants like Google, Meta and Amazon should provide subsidies for network costs.

• EU telecoms providers say the six largest content providers account for more than half of data internet traffic and should contribute their fair share

What's borrowed must be repaid...

• Twitter has reportedly made the first interest rate payment on a loan used to finance Elon Musk's acquisition of the social media platform.

• According to Bloomberg, Twitter paid $300 million last week to a syndicate of banks that includes Barclays, Morgan Stanley and Bank of America.

You can't buy that just yet!

• The US Federal Trade Commission (FTC) has asked a judge to temporarily halt Meta Platforms planned acquisition of virtual reality maker Within as the two sides await a decision from the court on concerns raised by the FTC on the impact of the acquisition.

• The FTC sued Meta in July 2022 to stop the Within deal, alleging that Meta was on a "campaign to conquer VR" beginning with its 2014 acquisition of Oculus, a VR headset maker.

Key Economic Events

• 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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