Foreign Minister of Finland: We must be ready for a long war in Ukraine
Pekka Haavisto, Finland’s foreign minister, told CNBC’s Silvia Amaro that we should be prepared for a protracted conflict in Ukraine.
Haavisto spoke from the World Economic Forum in Davos, Switzerland.
You can follow all of CNBC’s Davos coverage here.
Allianz ‘benefits’ from rising rates in insurance business, CEO says
Oliver Bäte, CEO of insurance and asset management Allianz, reflects on what he describes as one of the worst market environments imaginable last year, but says the company has “benefited enormously” from rising rates in the insurance business.
The head of the IMF says that growth will slow down in 2023 and return next year
International Monetary Fund Managing Director Kristalina Georgieva said global growth will slow in 2023 and rebound in 2024.
“I don’t see a slowdown now, but growth will slow in 2023,” Georgieva said at the World Economic Forum in Davos, Switzerland.
“Our projection is that we will drop by half a percentage point against 2022. But the upside is that we expect growth to slow down this year and 2024 to be the year when we finally get the world economy back on track.” see. up, “Georgieva said.
You can read more about Georgieva’s interview with CNBC here.
– Hannah Ward-Glenton
Wage growth has picked up in the UK, ONS figures show
Wage growth in Britain rose in the three months to November, data from the Office for National Statistics showed.
Excluding bonuses, wages increased by 6.4 percent year-on-year, the largest increase since records began in 2001, excluding anomalies during the Covid-19 pandemic.
Reuters economists had expected wages to rise 6.3 percent without bonuses.
The Bank of England is keeping an eye on wage growth as it considers future interest rate hikes.
Britain’s unemployment rate is 3.7% according to the ONS, which is close to the lowest in 50 years, as reported by Reuters.
– Hannah Ward-Glenton
Britain is financially unstable, says energy sector CEO.
The UK is financially unstable, says Enquest’s CEO.
Amjad Bseisu, CEO of oil and gas company Enquest, discusses investments in the UK energy industry, wind tariffs, and oil price volatility in 2023.
Stocks on the move: Leonardo down 4%, Ocado down 8%
British digital retailer shares Ocado The Stoxx 600 fell more than 8% in early trade after the company missed fourth-quarter sales estimates as consumers bought fewer orders at the same time as the cost of living in the United Kingdom.
Leading the European blue chip index, the Italian aerospace and defense company Leonardo plus 4.5%.
CNBC Pro: This under-the-radar global carbon sequestration stock could grow by 65 percent, investment banks say
Shares of an under-the-radar carbon capture company are expected to rise 65% on rising global demand for emissions-reducing technology, according to investment banks that analyze the stock.
The company’s latest innovation, unveiled last week, could cut the energy needed to capture carbon 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 indexes stand heading into the first two weeks of 2023 trading
With the first two weeks of 2023 trading, the three major indexes have risen for the year so far.
that one Nasdaq Composite trailing, adding 5.9% as investors bought struggling tech stocks on rising hopes of an improving outlook for growth stocks. that one S&P 500 and Dow followed by 4.2% and 3.5% respectively.
– Alex Harring
China’s retail sales beat estimates, economy expanding more than expected
China’s December retail sales missed estimates, falling just 1.8% on an annual basis, much better than the 8.6% decline predicted in a Reuters poll.
Industrial production also grew 1.3 percent in December, beating expectations for a 0.2 percent increase.
In the fourth quarter, China’s economy expanded 2.9% on an annual basis, better than the expected 1.8% growth. While three-month growth was solid, it still beat expectations for a 0.8% contraction.
Despite the better-than-expected data, the Chinese yuan fell from 6.7403 to 6.7563 against the US dollar shortly after the release.
European Markets: Here are the opening calls
European markets are headed for a flat lower on Tuesday, with concerns about the global economy high on the agenda at the World Economic Forum in Davos this week.
British ones FTSE 100 The index is expected to rise 1 point to 7,862 in Germany DAX France fell 31 points to 15,111 CAC 14 points dropped to 7033 and that of Italy FTSE MIB It fell 37 points to 25,836, according to IG data.
CNBC will speak to a number 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 announcement here.
– Holly Elliott