January 17, 2023
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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