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 Here is what you need to know. US looks prepared to kick off a trade war with the European Union. The Trump administration is prepared to announce steel and aluminum tariffs on imports from the European Union as early as Thursday, according to The Wall Street Journal. The Fed is planning major changes to a key post-financial-crisis Wall Street regulation. The Federal Reserve is proposing changes that would ease rules on trades made by banks using depositors' money, the Associated Press reports. A little-known part of Italy's constitution makes it almost impossible for the country to leave the euro. Article 75 of the Italian constitution forbids referendums dealing with international treaties, meaning the country's constitution would need to be changed before a referendum could be held on European Union and euro membership. 2 UBS analysts just made a big market call that should have everyone a little worried. The technical analysts Michael Riesner and Marc Müller wrote in a note sent to clients on Wednesday that the top was in for the US 10-year yield and that if that were the case, it would be a "huge game changer on the macro side." Bill Gross' flagship fund cratered as Italy's political turmoil rocked global markets. Gross' Janus Henderson Global Unconstrained Bond Fund slumped more than 3% Tuesday as investors took flight from riskier bonds, including Italy's, and sought safer debt, including US Treasurys. Warren Buffett reportedly tried to invest $3 billion in Uber. The deal fell apart because of disagreements over the size and terms of the potential investment, according to Bloomberg. Snap spikes on report saying it has entered a partnership designed to help it monetize in India. Snap shares gained 4.08% on Thursday after a Times of India report said the social-media company had entered into a partnership with the ad-tech firm Tyroo to help it monetize its more than 9 million users in the country. Stock markets around the world are higher. Hong Kong's Hang Seng (+1.37%) paced the gains in Asia, and Britain's FTSE (+0.18%) is out front in Europe. The S&P 500 is set to open little changed near 2,725. Earnings reports keep coming. American Eagle, Dollar General, Dollar Tree, and Sears all report ahead of the opening bell, while Costco, GameStop, and Lululemon are set to release their quarterly results after markets close. US economic data is heavy. Personal income and spending, PCE core prices, and initial claims will all be released at 8:30 a.m. ET before Chicago PMI and pending home sales cross the wires at 9:45 a.m. ET and 10 a.m. ET. The US 10-year yield is up 1 basis point at 2.87%. | 
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