Could AI help you do more of what you love? Workday is the next-gen ERP powered by AI that actually

knows your business. We help you handle the have-to-dos so you can focus on the can't-wait-to-dos.

It's a new workday.

Here is your morning brief for Thursday, March 5th. I'm Luke Vargas for the Wall Street Journal.

China has cut its annual economic growth target to a range of four and a half to five percent,

the lowest expansion goal since 1991. The new target kicks off the next five-year plan for the

world's second largest economy.

With Chinese household spending and investment slowing down, China's growth in recent years has been fueled by exports.

But the new plan suggests that Beijing wants to dial down trade tensions and rely less on export-driven growth

and instead focus on technological self-reliance, including through its

cutting-edge AI, EV, and robotics industries. A federal trade court judge has ruled that the

Trump administration is on the hook for more than $130 billion in tariff refunds. The judge grew

impatient when a Justice Department lawyer said that the government hadn't

formalized its position on refunding tariffs and said that issuing refunds would be time-consuming.

The ruling comes as more than 2,000 companies have filed lawsuits seeking to claw back money

they've paid in duties, including Costco and FedEx.

And Morgan Stanley is laying off 2,500 employees,

or around 3% of its global workforce. We report that many of the cuts took place yesterday

and are affecting all of the bank's major divisions, investment banking and trading,

wealth management, and investment management. Morgan Stanley and its Wall Street peers are coming off one of their strongest years on record

as trading desks navigated volatility, the wealthy continued to spend, and big companies struck more deals.

Asian stocks have ended the day higher.

...