🚗 Yikes! China's Not Going To Like THIS...

Good morning. US stock futures traded mixed in Friday morning trading as investors awaited jobs data.

🚗 Europe slaps Chinese EVs with major tariffs

📝 Our report: The European Union is hiking customs duties on electric vehicles from China, the latest twist in the trade spat over Chinese subsidies and Beijing's booming green tech exports to the 27-nation bloc. After an eight-month investigation, the European Commission, the EU’s executive arm, found that companies making electric cars in China benefit from massive government help that means they can undercut rivals in the EU on prices, take a big market share and threaten European jobs.

 🔑 Key points:

• Chinese-built electric cars jumped from 3.9% of the EV market in 2020 to 25% by September 2023, the commission said, in part by unfairly undercutting EU industry prices

• The commission says companies in China accomplished that with the help of subsidies all along the chain of production, from cheap land for factories from local governments to below-market supplies of lithium and batteries from state-owned enterprises to tax breaks and below-interest financing from state-controlled banks.

• The rapid growth in market share has sparked fears that Chinese cars will eventually threaten the EU's ability to produce its own green technology needed to combat climate change, as well as the jobs of 2.5 million workers at risk in the auto industry and 10.3 million more people whose jobs depend indirectly on EV production.

💡 So what: The European Union imposing tariffs on Chinese electric vehicles (EVs) could lead to higher prices for these cars in the EU market, potentially reducing their competitiveness. This move might encourage European consumers to buy locally-made EVs, boosting the EU's own EV industry. However, it could also escalate trade tensions between the EU and China, potentially leading to retaliatory measures and impacting broader economic relations between the two regions.

Friday - New York Fed President John Williams Speaks, US Unemployment Rate

📈 Nervous about wild swings in the market? Here’s how to stay calm!

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👜 Luxurious acquisition!

WHAT: Looks like luxury shopping just got a new power couple! Saks Fifth Avenue’s parent company is buying upscale rival Neiman Marcus Group for $2.65 billion, with Amazon grabbing a minority stake. The new entity will be called Saks Global, creating a luxury powerhouse at a time when the arena has become increasingly fragmented with different players, from online marketplaces that sell luxury goods to upscale fashion and accessories brands opening up their own stores.

WHY: Both Saks and Neiman Marcus have struggled as shoppers have been pulling back on buying high-end goods and shifting their spending toward experiences, like travel and upscale restaurants. The two iconic luxury purveyors have also faced stiffer competition from luxury brands, which are increasingly opening their own stores.

📺 Streaming giants ask Canadian court to amend tax

WHAT: U.S. streaming giants are asking a Canadian court to tweak Prime Minister Trudeau’s new 5% revenue tax, hoping to ditch the part where they have to fund local news. The Motion Picture Association-Canada — which represents studios including Netflix Inc., Paramount Global and Walt Disney Co. — want the Federal Court of Appeal to quash new obligations forcing foreign streaming platforms to contribute to a local independent news fund as part of the Online Streaming Act.

WHY: The country’s broadcast regulator, the Canadian Radio-television and Telecommunications Commission, estimated last month that the new tax on foreign streaming companies would raise C$200 million ($147 million) annually for the production of local news as well as other content.

🛒 Big box retailer hit with “deceptive” pricing lawsuit

WHAT: Walmart has to face a lawsuit alleging it frequently charges more at the register than advertised on the shelves, potentially costing shoppers millions each year, a federal appeals court ruled. Reversing a lower court judgement, the 7th U.S. Circuit Court of Appeals in Chicago said consumers could try to prove in their proposed class action that the conduct of the world's largest retailer was a fraudulent "bait-and-switch" that violated several states' consumer protection laws.

WHY: Lawyers for the consumers said they found price discrepancies in Florida, Illinois, Indiana, Maryland, New Jersey and New York, as well as in North Carolina even after a regulator there fined Walmart in 2022 for price-scanning errors.

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