Overseas Headlines – January 17, 2023

January 17, 2023


United States:

Stocks Slide as Big Banks Herald Earnings Jitters: Markets Wrap

US stock-index futures fell amid signs central banks will turn more hawkish and as Wall Street banks from Goldman Sachs Group Inc. to Morgan Stanley posted disappointing results.

Contracts on the S&P 500 and Nasdaq 100 indexes slipped at least 0.2% each as US traders returned from a holiday. Goldman slid in premarket New York trading after posting fourth-quarter net revenue below expecations. Morgan Stanley slipped after lower-than-projected equities trading revenue. Whirlpool Corp. fell as sales numbers missed. Freeport-McMoRan Inc. declined amid a muted demand outlook for copper.



German Investor Sentiment Hits Highest Level in Almost a Year

Investors’ sentiment for the German economy jumped to the highest level in almost a year, the latest evidence that confidence is building as a squeeze from soaring energy prices eases.

The ZEW institute’s gauge of expectations rose to 16.9 in January from -23.3 in the previous month — better than any estimate in a Bloomberg survey of 27 economists. That reading means the gauge is now near its 10-year average.



China Faces Bumpy Recovery as Economy Emerges from Covid Zero

China’s economy proved more resilient than analysts forecast as a virus wave swept the nation, suggesting the worst of the slump may be over as a challenging recovery begins.

While gross domestic product growth of 3% last year was the second slowest pace since the 1970s, fourth quarter and December data came in better than economists had expected.




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