Good morning. US stock futures moved higher in Friday morning trading as traders awaited the release of new US jobs data.

"When it comes to long-term investing, doing less is often more"

Joel Greenblatt

Top News

Biden Admin ponies up billions for EVs

WHAT: The Biden administration is basically giving automakers a $12 billion makeover budget! The funds are being provided to help car manufacturers retrofit their facilities to turn up the production of electric vehicles and hybrids.

WHY: The financing signals the Biden administration is doubling down on efforts to support carmakers’ transition to EVs, even as it seeks to retain support from labor groups pushing for more autoworker job security and higher wages.

China slashes mortgage rates, down payments in move to stimulate economy

WHAT: It’s raining discounts in China! The Chinese government recently announced moves to slash down payments for homebuyers, and is encouraging lenders to lower rates on existing mortgages, as it attempts to arrest a slide in the country’s residential property market.

WHY: Beijing is betting that lower mortgage down payments will revive demand for homes. Sales by the country’s largest property developers fell 34% in August from a year earlier.

US oil demand tops pre-Covid levels

WHAT: Its seems like the good ole appetite for oil in the US is back with a vengeance! According to the most recent data revisions from the US Energy Information Administration, oil demand topped pre-pandemic levels in May and June. June consumption rose to 20.7 million barrels a day — a five-year seasonal high.

WHY: The data marks the fourth straight upward revision to US consumption in the latest sign that overall oil demand is healthier than previously expected.

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In Other News

Musk teases voice, video calls on X

WHAT: X, the social network formerly known as Twitter, is about to ramp up some new product features according to its mercurial owner Elon Musk. In a series of posts on the platform Musk said X will give users the ability to make voice and video calls, though he stopped short of mentioning when the features would be available.

WHY: Rival social platforms already offer voice and video calls. Meta, which owns Facebook, WhatsApp and Instagram, introduced voice and video calls on Messenger in 2015. Snapchat added them in 2016.

Delta down with 5G

WHAT: Delta Air Lines has just given its planes a high-tech makeover to handle any 5G-C band interference like a champ! The company said all radio altimeters in its in-service fleet have been updated while a few aircraft are out of service for planned maintenance and will be equipped with 5G-compliant altimeters as they return to service.

WHY: Concerns that 5G service could interfere with airplane altimeters, which give data on a plane’s height above the ground, and are crucial for bad weather landing, led to brief disruptions at some US airports last year as international carriers canceled some flights.

UPS offers pilots golden parachute

WHAT: UPS is trying to make an offer to a few of their pilots that they can’t refuse. The company said it has offered voluntary separation packages — inclusive of cash and healthcare benefits — to167 of its pilots, as the delivery firm grapples with a weak air freight market and rising labor costs.

WHY: In its last earnings call, UPS cut its full-year revenue and profitability targets citing softening package volumes, higher labor costs, and business losses resulting from contract negotiations.

Key Economic Events

• Friday - Unemployment Rate (Aug)

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