News from the World Economic Forum, data and earnings

Finnish Foreign Minister: We must be prepared for a protracted conflict in Ukraine

Pekka Haavisto, Minister of Foreign Affairs of Finland, told Silvia Amaro on CNBC that we must be prepared for a prolonged conflict in Ukraine.

Finnish Foreign Minister: We must be prepared for a protracted conflict in Ukraine

Haavisto was speaking from the World Economic Forum in Davos, Switzerland.

You can catch CNBC’s coverage of Davos here.

Allianz’s CEO says it is “benefiting greatly” from higher rates in the insurance business

Oliver Butt, CEO of insurance and asset management giant Allianz, reflects on what he describes as one of the worst market environments imaginable last year, but says the company is “benefiting greatly” from rising prices in insurance.

Allianz CEO says the company

The head of the International Monetary Fund said that growth will bottom out in 2023 and then pick up next year

The managing director of the International Monetary Fund, Kristalina Georgieva, said that global growth will decline in 2023 and rebound in 2024.

“I don’t see a downgrade in the credit rating now, but growth in 2023 will slow,” Georgieva said at the World Economic Forum in Davos, Switzerland.

“We expect that we will decline by half a percentage point versus 2022. But the good news is that we expect growth to bottom out this year and that 2024 will be a year in which we finally see the global economy. Georgieva said.

You can read more about Georgieva’s interview with CNBC here.

– Hannah Ward Glinton

ONS figures show a recovery in wage growth in Britain

Data from the Office for National Statistics showed that wage growth rebounded in Britain in the three months to November.

Excluding bonuses, wages rose 6.4% year-over-year, the largest increase since records began in 2001, excluding anomalies during the Covid-19 pandemic.

Reuters economists had expected salaries excluding bonuses to increase by 6.3%.

The Bank of England is closely watching wage growth as it considers rate hikes in the future.

Britain’s unemployment rate has held steady at 3.7% according to the Office for National Statistics, near its lowest level in nearly 50 years, Reuters reports.

– Hannah Ward Glinton

The energy chief says the UK is financially unstable.

Inquest’s chief executive says the UK is financially unstable.

Inquest's chief executive says the UK is financially unstable

Amjad Bseiso, CEO of oil and gas company Enquest, discusses investments in the UK energy industry, unexpected taxation and oil price volatility in 2023.

Stocks on the move: Leonardo up 4%, Ocado down 8%

British digital grocery rations Ocado It fell more than 8% in early trade to the bottom of the Stoxx 600 after the company missed fourth-quarter sales estimates as customers bought less per order from the UK’s cost-of-living crisis.

At the head of the European premium index is an Italian aerospace and defense company Leonardo added 4.5%.

CNBC Pro: Hidden under-the-radar global carbon stocks could rise 65%, investment banks say

Shares of the under-the-radar carbon capture company are expected to rise 65% on increased global demand for emissions-reducing technology, according to investment bankers’ analysis of the stock.

The company’s latest innovation, unveiled last week, could lower the energy needed for carbon capture and improve the company’s profitability in the future, according to analysts at a German investment bank.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Where the major indices stand coming in the first two weeks of 2023 trading

As the first two weeks of 2023 trading end, the three major indices are up so far for the year.

the NASDAQ Composite leads the way, adding 5.9% as investors bought battered technology stocks on growing hopes of an improved landscape for growth holdings. the Standard & Poor’s 500 And daw It was followed by gains of 4.2% and 3.5%, respectively.

– Alex Haring

China’s retail sales beat estimates, and the economy expanded more than expected

China’s December retail sales beat estimates, falling just 1.8% year-on-year, much better than the 8.6% decline expected in a Reuters poll.

Industrial output also grew by 1.3% in December, above expectations for a 0.2% increase.

In the fourth quarter, the Chinese economy expanded 2.9% year on year, better than the expected growth of 1.8%. While the quarterly growth was flat, it still beat expectations for a contraction of 0.8%.

Despite the better-than-expected data, the offshore Chinese yuan weakened sharply from 6.7403 to 6.7563 against the US dollar shortly after the release.

European Markets: Here are the opening calls

European markets are heading for a flat to lower open on Tuesday, with concerns about the global economy high on the agenda at the World Economic Forum in Davos this week.

United kingdom FTSE 100 index The index is expected to open up 1 point at 7862, the German index Dax 31 points lower at 15111, France kk Down 14 points at 7033 and Italy FTSE MIB Down 37 points at 25,836, according to IG data.

CNBC will speak to a range of delegates at the World Economic Forum on Tuesday, including the presidents of Spain, Latvia, Lithuania and Poland and the CEOs of Unilever, UBS, Allianz and Swiss Re, among many others. Follow our coverage here.

– Holly Ellytt

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