The S&P Global UK Composite Output Index – which measures activity in the manufacturing and services sectors – fell to 47.8 in January from 49.0 in December, missing the consensus forecast of 48.5 from economists in a Wall Street Journal poll.
German consumer confidence expected to improve to six-month high in February
German consumer confidence is expected to improve in February for a fourth consecutive month, helped by better expectations for the economy and personal finances amid falling energy prices and easing recession fears.
Germany’s forward-looking consumer sentiment index predicts confidence will rise to minus 33.9 in February from minus 37.6 in January, its highest level since August, according to data from market research group GfK.
Confidence in the French manufacturing sector improved slightly in January
French manufacturing business confidence improved in January for a second consecutive month, a sign of the sector’s resilience despite growing challenges from slowing economic growth.
Confidence in France’s manufacturing sector fell from 102 in December to 103 in January, exceeding its long-term average, according to data from the country’s national statistics office released on Tuesday.
All passenger flights from Berlin Brandenburg Airport face grounding on Wednesday due to workers’ strike
A strike at Berlin Brandenburg Airport is expected to ground all passenger flights on Wednesday after labor representatives called on ground handling, security and airport staff to step down over payment disputes.
Flughafen Berlin Brandenburg GmbH, the operator of Berlin Brandenburg Airport, said in a post on its website on Monday that some 300 take-offs and landings were originally scheduled for Wednesday, affecting around 35,000 passengers.
Associated British Foods’ first-quarter revenue rose on resilient consumer spending
Associated British Foods PLC said on Tuesday that revenue for the first 16 weeks of the 2023 financial year rose year on year after better-than-expected consumer spending despite mounting cost pressures, and supported its full-year expectations. in an environment of lower inflation volatility.
The FTSE 100 company said revenue for the 16 weeks to January 7 rose 16% at constant currency to 6.70 billion pounds ($8.29 billion) from the same period a year earlier.
Ford plans 3,200 job cuts in Europe, reports Bloomberg
-Ford Motor Co. plans to cut about 3,200 jobs in Europe, as part of efforts to cut costs as part of its electrification push, reports Bloomberg, citing union IG Metall.
– The majority of the positions affected by the cuts are in Germany and the plan would eliminate about 65% of the automaker’s development positions in Europe, according to Bloomberg.
-Ford and IG Metall did not immediately respond to requests for comment.
Swatch Group expects a record year in 2023 after rising profits and sales in 2022
Swatch Group AG said on Tuesday it expects to have a record year in 2023 in light of China’s reopening, as it posted higher sales and net profit for last year.
The Swiss watchmaker said net profit for 2022 was 807 million Swiss francs ($875.5 million) compared to 765 million Swiss francs in 2021.
Russian deaths in Indian jungle followed days of heavy drinking
BHUBANESWAR, India – Pavel Antov locked himself in his hotel room, refusing to eat and drink for two days, after the death of a longtime friend who had accompanied him on a journey deep from the jungles of eastern India.
The last time hotel staff Sai International remember seeing the 65-year-old Russian – a prominent regional lawmaker who owned a sausage-making business – he was alone on December 24, raising his fists in the air and heading for the roof of the hotel.
Striking machinery maker CNH workers approve new contract
Unionized workers at two CNH Industrial NV factories have ratified a new contract with the agricultural and construction equipment maker, ending a strike that began in early May.
About 1,100 United Auto Workers union members at plants in Racine, Wis., and Burlington, Iowa, will begin returning to work Jan. 30, the company said. The workers quit their jobs on May 2, after rejecting a company offer that union leaders said included insufficient wage increases and increased employee spending on health insurance coverage.
WORLD NEWS
Companies are cutting temporary workers as a warning sign for the labor market
Employers are laying off temporary workers at a rapid pace, a sign that bigger job losses could be on the horizon.
In the last five months of 2022, employers cut 110,800 temporary workers, including 35,000 in December, the largest monthly drop since the start of 2021. Many economists see the sector as an early indicator of future market developments work.
Investors await tech earnings in next test for markets
Tech stocks are off to a strong start after enduring a miserable 2022. The first major rally test of the new year is underway.
Even after their strong sell-off, the five largest U.S. companies – Apple Inc., Microsoft Corp., Alphabet Inc., Amazon.com Inc. and Berkshire Hathaway Inc. – make up 18.9% of the S&P 500. That’s well within above history. average of about 15%, according to the S&P Dow Jones indices.
Wealthy customers withdraw money from banks offering ridiculously low interest rates
Wealthy savers are beginning to withdraw their money from bank accounts in search of higher returns.
Big banks are still paying paltry interest on checking and savings accounts despite the Federal Reserve’s biggest rate hikes in decades. Their wealth management clients are done with the wait: They’re shifting the extra savings they’ve accumulated during the pandemic into products whose rates have more closely tracked the Fed.
SEC Review Prevents Some Crypto Firms From Going Public
Crypto companies seeking to go public over the past year have come under intense scrutiny from the Securities and Exchange Commission as financial troubles and failures spread across the world. volatile industry.
Crypto-focused firms including Bullish Global, Circle Internet Financial, and eToro Group Ltd. have failed to obtain the SEC approvals required for companies going public. Companies sought public listings through mergers with special purpose acquisition firms, an alternative route to going public that flourished in 2020 and 2021 before increased regulatory scrutiny and market turmoil set in. put an end to the SPAC boom.
White House not pledging to cooperate with GOP investigations into classified Biden documents
WASHINGTON — The White House on Monday did not commit to providing information to House Republicans investigating how classified documents ended up in President Biden’s private home and former office as the team of Mr. Biden continued to face heated questions about the episode.
In a letter to House Oversight Committee Chairman James Comer (R., Ky.), White House attorney Stuart Delery said his office is reviewing requests from Republicans for copies of documents found in Mr. Biden’s properties and internal communications on the matter. Mr Delery said the White House’s goal was to “address legitimate surveillance interests”, while emphasizing the need to “protect the integrity and independence of law enforcement investigations”.
Brazil and Argentina discuss the creation of a common currency
SÃO PAULO-Brazil and Argentina have begun preliminary talks to create a common currency, as their leftist leaders revive a proposal that economists and central bankers have long criticized.
Brazilian President Luiz Inácio Lula da Silva wants to boost trade with Argentina, his country’s third-largest trading partner, while improving economic cooperation, he said in a joint editorial with his Argentinian counterpart.
At least seven dead in second mass shooting in three days in California
At least seven people were killed in two linked shootings in California on Monday, authorities said, just days after another mass shooting in the state killed 11 people.
The Monday-related shootings occurred at two agricultural nurseries near Half Moon Bay, a coastal town south of San Francisco, San Mateo County Sheriff Christina Corpus said late Monday.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswire
January 24, 2023 06:23 ET (11:23 GMT)
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