U.S. inflation is down in January but still comes in hotter than expected at 6.4 per cent. Global markets are slightly down with only the Nasdaq posting a positive session. TSMC shares sell off after Berkshire Hathaway cuts its stake in the chip maker by more than 85 per cent while increasing its Apple holdings. In luxury news, LVMH appoints U.S. rapper Pharrell Williams to lead its menswear design arm.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Japan’s government confirms Kazuo Ueda as its nominee to lead the BoJ with market analysts anticipating the new governor will keep the country’s monetary policy loose but to scrap yield curve control. We await today’s U.S. CPI data with investors hoping on seeing further signals of inflation easing despite Fed officials remaining hawkish. There are suggestions the EU may swerve recession with attention now focusing on the bloc’s heavy debt load. EU Commissioner Valdis Dombrovskis tells CNBC that the EU’s economy remains robust despite slow growth rates. U.S. and Chinese authorities are reportedly considering a face-to-face meeting at this weekend’s Munich Security Conference amid ongoing spy balloon accusations.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 and Nasdaq finish their worst week in more than a month as investors brace themselves for U.S. CPI data out later this week as well as further rate hikes to rein in inflation. The weak sentiment crosses the Pacific with Japan’s Nikkei leading losses. Questions linger over whether prospective BoJ governor nominee Kazuo Ueda would move against the country’s ultra-loose monetary policy. The U.S. Air Force has shot down a fourth flying object in American air space in just eight days – this time over Lake Huron – as Washington moves to blacklist 6 Chinese firms suspected of being linked to the spy balloon downed over the coast of South Carolina. And in sports news, the Kansas City Chiefs beat the Philadelphia Eagles 38-35 in Superbowl LVII.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Standard Chartered shares dip sharply in Hong Kong after First Abu Dhabi Bank denies reports it is lining up a $35bn takeover of the Asia-focused UK lender. Inflation data in China comes in below expectations as factory gate prices continue to fall while CPI surges. The proxy fight between Disney and billionaire investor Nelson is now over after CEO Bob Iger announced vast reorganisation and cost-cutting plans at the entertainment giant. The two have now told CNBC that they will now share a joint vision for the company. In luxury news, L’Oréal sees Q4 profits jump by 8 per cent, helped along by strong showings in Europe and the U.S. However, strict Covid restrictions in China slowed growth in the quarter. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We have a slew of European corporate earnings. Credit Suisse posts a consecutive net loss of CHF7.29BN for last year. However the outflow of business grabs the headlines with up to CHF111BN leaving the lender. Siemens smashes Q1 forecasts and raises its FY sales and profits guidance. Stateside, Disney stocks are up in after-hours trade after returning CEO Bob Iger announces a raft of reforms, including 7,000 job cuts and $5.5bn in cost-cuts. And Alphabet shares plunge following an error made by its A.I. chatbot in a promotional video clip.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

President Biden addresses Congress in his State of the Union speech, taking aim at China and big business while hailing his own economic agenda in its role in fighting inflation. The dollar is down and Treasury yields rise following Federal Reserve Chairman Jerome Powell’s comments that further rate hikes may still be on the table if inflation fails to stabilise. French lender Société Générale posts Q4 net income falling by 35 per cent but still beating expectations. Volkswagen reports a rise in FY sales and profit despite weak deliveries. There is little progress following Inflation Reduction Act talks between French and German economy ministers. WTO director-general Ngozi Okonjo-Iweala tells CNBC she hopes Brussels and Washington can still avoid a trade confrontation.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Softbank posts a fourth consecutive quarter of losses at the investor’s Vision Fund. CEO Masayoshi Son is to miss the earnings call for the fist time ever. French lender BNP Paribas reports a 9 per cent rise in full-year profits but CFO Lars Machenil tells CNBC that the macro environment remains uncertain. Q1 net loss more than doubles at Siemens Energy due to charges at its wind division Gamesa. However CEO Christian Bruch the pipeline is still strong. U.S. President Joe Biden is due to deliver his second State of the Union address and is expected to hail his landmark climate legislation but he is likely to be dogged by questions over his handling of a suspected Chinese spy balloon. And in south-eastern Turkey the death toll continues to rise after the region was hit by two massive earthquakes on Monday morning.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The US shoots down a suspected Chinese spy balloon, drawing an angry response from Beijing as Secretary of State Antony Blinken cancels what would have been the Biden administration's first cabinet visit to China. Wall Street takes a step back after the January jobs report blows past forecasts, but tech stocks still see a five-week rally - the longest run since November 2021. The yen dips as the market digests reports that one of the most dovish candidates, Masayoshi Amamiya, has been sounded out as a potential successor to Haruhiko Kuroda at the head of the BOJ. Adani's stock slide enters a third week, as Adani Enterprises reportedly postpones a bond sale, and Moody's downgrades its outlook on two of the group's companies.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apple posts its first profit miss in seven years as demand for its high-end iPhones drops on production issues and a softer macroeconomic environment. In other tech earnings news, Alphabet flags slower ad revenues, and Amazon struggles on weaker consumer sentiment. Meta surges to one of its best days in almost a decade, pushing the Nasdaq to its highest level since September. Top executive Nicola Mendelsohn tells CNBC the tech giant's strategy shift is paying off. The ECB and BOE both hike rates by 50 basis points, while a change in wording at the Bank of England sparks speculation rates are now at or near the peak. Governor Andrew Bailey tells CNBC it's too soon to be sure. Adani Group losses spiral past $100 billion since late January, as a short-seller's accusations of fraud spark an intensifying crisis at the Indian conglomerate.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We have a slew of European corporate earnings this Super Thursday including Deutsche Bank, Roche and Santander, ahead of key central bank decisions. Stateside, the Federal Reserve slows the pace of rate hikes to deliver its smallest increase in a year. Chairman Jerome Powell hints that the central bank will again hike in March despite signs of cooling inflation. We await interest rate decisions from the BoE and the ECB later today as euro zone inflation eases for a third consecutive month.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Struggling tech stocks surge on the Nasdaq, helping the index to its best yearly start since 2001. The S&P 500 also enjoys its best January in four years. The private Caixin survey shows Chinese factory activity shrinking for a sixth consecutive month, which contrasts more optimistic government figures. Snap shares are in the red in extended trade as falling digital advertising spend weighs. Meta shares are also down ahead of its Q4 earnings due out later today. Paris sees huge demonstrations against President Macron’s pension reforms as a number of countries brace for industrial action on Wednesday. The UK will see its biggest mass walkout in 12 years.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Markets in Asia follow Wall Street downwards as cautious investors brace for a slew of tech earnings and central bank moves later this week. Swiss lender UBS posts a 23 per cent surge in Q4 net profit, beating bottom-line expectations. China’s economy swings back to growth as disruption fears following the country’s emergence from strict Covid restrictions fade. The IMF hikes its global economic outlook for the first time in a year with the UK lagging behind among developed economies. Speaking to CNBC, the IMF’s chief economist, Pierre-Olivier Gourinchas urges vigilance. And we are live at the annual Baker Hughes meeting in Florence. The company has announced a new exploration partnership with Fortescue Future Industries.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

As the week-long Chinese Lunar New Year holiday ends and trade restarts, the CSI 300 index nears bull market territory. Renault and Nissan are set to announce the details of their restructured tie-up. Renault is to slash its stake in the Japanese car maker down to 15 per cent. Oil is up on optimism following the end of the Chinese New Year. BP, however, is bearish on the demand outlook and has pared back its long-term guidance. American, Dutch and Japanese authorities are moving closer to a deal which would restrict China’s ability to buy advanced chip technology.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. markets are up following a slew of economic data and Q4 earnings. Tesla helps bump the Nasdaq up by almost 2 per cent. The American economy grows more than expected in the final quarter of 2022 with hopes that the Federal Reserve can attain a ‘soft landing’. President Biden hails the numbers, saying it proves his economic plan is having a positive effect. Russia launches attacks on several Ukrainian cities following Kyiv’s securing of heavy tank deliveries from Western allies. Luxury giant LVMH posts record FY profits for the second year running, welcoming the return of Chinese high-end shoppers.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tesla posts a Q4 earnings and revenue beat on both the top and bottom lines, causing the stock price to surge. CEO Elon Musk says price cuts for Tesla cars have boosted demand. In Hong Kong, the Hang Seng moves almost 2 per cent as it kicks off the Chinese New Year of the Rabbit. In Japan, the Nikkei is down as BoJ minutes reveal division about the country’s inflation. The U.S. and Germany sign off on delivery of Abrams and Leopard tanks to Ukraine with Presidents Biden and Zelenskyy both hailing the moves as crucial in countering Russian aggression. And investors are bracing for U.S. GDP figures out later today as forecasts put Q4 growth at 2.4 per cent.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Microsoft stutters in extended trade after it posted the slowest quarterly revenue growth since 2016. The NYSE suffers a technical glitch which stops trade in 251 stocks. Several trades will now be cancelled. Markets closed mixed but the Dow posted its third consecutive session in the green. Tesla CEO Elon Musk tells a California jury he was not bound by any commitments in 2018 when he tweeted he had secured the funds to take the EV maker private. Returning South Korean stocks help push Asian markets to a seven-month high but Australia equities disappoint with inflation hitting a 33-year high. And following months of discussions, the U.S. and Germany are reportedly set to deliver Abrams and Leopard tanks to Ukrainian forces.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. equities rally lead by tech stocks as the market anticipates a 100 per cent chance of the Federal Reserve paring back next week’s rate hike to 25bps. Audio streaming giant Spotify is to announce job cuts of up to 6 per cent as Google boss Sundar Pichai says he had to act decisively in the face of faltering growth. Qatar’s investment arm has upped its share of Credit Suisse as the lender turns to the Middle East to help fund its restructuring strategy. There are growing calls from Kyiv and various EU capitals for Germany to green-light its Leopard tank deliveries. NATO Secretary-General Jens Stoltenberg is to hold talks with new German defence minister Boris Pistorius today.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The IMF hints it may upgrade the global growth outlook for the year as the economic forecast shows early signs of brightening. Speaking during a CNBC panel at the World Economic Forum in Davos, managing director Kristalina Georgieva warned that rising rates could still hamper an upturn. The dollar falls on expectations of less aggressive Fed rate increases while the euro hits a nine-month high after ECB President Christine Lagarde tells CNBC there are more 50bps hikes to come. Tech stocks are in focus ahead of earnings this week after the Nasdaq posts its third consecutive week of gains. In China, a major Covid exit wave looks unlikely as up to 80 per cent of the population has already been infected, according to top scientists. German Chancellor Olaf Scholz and French President Emmanuel Macron meet in Paris and vow closer EU ties in the face of greater economic competition from the U.S. and geo-political threats from Moscow.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Japanese inflation hits a 41-year high of 4 per cent last month, which is twice the BoJ’s target as the central bank sticks with its ultra-loose policy. We hear from Dutch Prime Minister Mark Rutte who says he does not believe the U.S. IRA was intended to hurt EU economies but the move has impacted businesses within the bloc. U.S. markets are in the red for the week as jitters over the Federal Reserve’s rate path dampens sentiment. Activist Greta Thunberg slams WEF policy makers for not prioritising climate concerns. And in crypto news, lender Genesis officially files for bankruptcy, holding liabilities of $11bn.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

There are renewed U.S. recession fears following weaker-than-expected retail and PPI data. Wall Street plunges into the red while the 10-year Treasury yield hits its lowest level since September. Goldman Sachs CEO David Solomon, however, tells CNBC he believes sentiment is softening and is hopeful of a softer landing both Stateside and in Europe. Several Fed officials, including James Bullard and Loretta Mester say the U.S. policy rate should top 5 per cent during a new round of hawkish commentary. We speak to new Credit Suisse CEO Ulrich Koerner who says the bank’s business restructuring strategy is progressing smoothly as the lender scrambles to retain its top staff. And in crypto news, lender Genesis is set to file for bankruptcy while U.S. officials detain the founder of the Bitzlato exchange for allegedly handling more than $700m in illicit funds.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Stocks in Japan surge as the yen posts its worst session in almost three years and the JGBs fall back as the BoJ insists it will continue its yield curve control procedure. We hear from Polish President Andrzej Duda who says that Russian President Vladimir Putin is on the back foot in Ukraine, calling on allies to further increase support for the nation. German Finance Minister Christian Lindner tells this channel that a trade war with the U.S. must be avoided and that Brussels should work hand-in-hand with Washington to combat inflation. In banking news, Goldman Sachs posts its worst profit miss in almost ten years with rival Morgan Stanley also underperforming. However, U.S. bank CEOs in Davos predicted a more gentle recession this year. Chinese Vice Premier Liu He is set to meet with U.S. Treasury Secretary Janet Yellen in Zurich as Beijing reports a steady increase in full-year FDI.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chinese annual GDP has come in at its second-worst rate since the Cultural Revolution, growing at only 3 per cent – well below its official 5.5 per cent target. The country’s population also contracted for the first time in six decades. We hear from Spanish Prime Minister Pedro Sanchez who says the EU should follow the U.S. lead on fighting inflation and that he hopes a trade war could be avoided. The World Economic Forum kicks off in its annual winter slot for the first time since 2020 in Davos. ‘Polycrisis’ and fragmentation risks are two central themes this year as the IMF warns the developing world is falling behind. Up to two-thirds of global economists are braced for recession within a year while CEO confidence has fallen to a more than 10-year low. And in Japan, the BoJ holds its two-day policy meeting. The 10-year JGB has surpassed the 0.5 per cent threshold for the third consecutive session.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The 10-year JGB breaks the BoJ’s ceiling for a second day while the yen surges. The central bank is now under pressure to begin tightening monetary policy. The IMF has a dire warning ahead of this year’s World Economic Forum meeting in Davos, predicting that economic fragmentation could cause global GDP to fall by up to 7 per cent. On Wall Street, U.S. banks post a mixed set of Q4 results amid increased provisioning and downturn concerns. Bank of America CEO Brian Moynihan says 2023 will see likely see a ‘mild recession’ in early to mid-2023. Credit Suisse is reportedly to slash 10 per cent of its investment banking staff as part of its next wave of restructuring.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

US consumer prices for December plunge at their steepest rate since April 2020. The headline CPI of 6.5 per cent is the smallest annual rise in more than a year. Despite Fed officials Patrick Harker and James Bullard insisting that rates will continue to rise, there are hopes the central bank could start cutting them later this year as inflation eases. In China, December exports hit their lowest level since February 2020, while Covid infections have continued to hamper domestic demand. Tesla is set to slash EV prices Stateside on its most popular models by 20 per cent in a bid to claw back market share following a rollercoaster 2022. And U.S. AG Merrick Garland appoints a special counsel to investigate classified documents found at President Biden’s home and private offices.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asian markets are at a seven-month high on the back of the Nasdaq’s first four-day rally since last September. Investors are now awaiting the U.S. inflation data later today. In China, the CPI accelerates in line with falling Covid restrictions. However, factory prices are unexpectedly down, hampered by continuing snags in the global supply chain. Disney shares are up on the announcement that Mark Parker is to become the next chairman. Activist investor Nelson Peltz is denied a seat on the board at the entertainment giant. The world’s largest chip maker, TSMC, posts a near-80 per cent surge in Q4 profits of close to $10bn. And we hear from WEF managing director Saadia Zahidi ahead of next week’s Davos annual meeting. She tells CNBC that the cost-of-living crisis and climate change are the most grave crises facing the globe. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. Federal Reserve Chairman Jerome Powell says he recognises the pain of rising interest rates but insisted that the central bank needs to maintain its independence to successfully make difficult policy decisions. The Hang Seng leads Asian markets into the green as China continues to reopen follow. The World Bank cuts its global growth forecast almost by half warning that the economy is on pace for its weakest growth in 30 years. President David Malpass tells CNBC that despite the gloom, China’s reopening is a ‘key variable’. Airbus remains well ahead of Boeing as the world’s top plane maker with 2022 deliveries climbing by 8 per cent. And in France, a nationwide strike is announced for next week following the government’s move to extend the retirement age from 62 years to 64 in order to avoid a major structural deficit.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The New Year Wall Street rally stumbles with the Dow and S&P 500 closing in the red after the Fed Reserve’s Raphael Bostic and Mary Daly confirm that although hikes will slow the terminal rate will likely surpass the 5 per cent mark. Markets in China pull back somewhat following the reopening bounce. State officials say that several regions are now past the peak of Covid infections. Pfizer CEO Albert Bourla tells CNBC is could begin to manufacture its Paxlovid dose with a local Chinese partner within a matter of months. French President Emmanuel Macron’s government is set to roll out its pension reform plan, putting it on a collision course with unions and left-wing MPs. And in the UK, the government fails to agree a pay deal with various unions, potentially setting up more strike action this winter.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. indices rally to their best daily performance since November as a favourable December jobs reports raises hopes of a soft landing Stateside. CNBC hears exclusively from Atlanta Federal Reserve President Raphael Bostic who says that the pace of hikes could slow if there are signs of loosening in the labour market. Asian markets are in the green as China opens its borders and scraps Covid quarantine rules for the first time in three years. Alibaba shares are up as Ant Group founder Jack Ma gives up control of the company, easing tensions with the Chinese Communist Party. Ant now insists it will not relaunch an IPO. And in Brasilia, Brazil, hundreds of Jair Bolsonaro supporters storm the nation’s Congress, Supreme Court and other government buildings following last week’s inauguration of President Luiz Inacio Lula da Silva.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Stronger-than-expected employment data Stateside fuels concerns about further Fed tightening, pushing U.S. markets into the red. Kansas City Federal Reserve President Esther George tells CNBC that she believes rates will stay higher until at least 2024. In China, mortgage rules are loosened to help boost a flagging property sector and authorities are reportedly prepared to ease ‘three red line’ limits on developer borrowing. In tech news, Samsung Electronics expects to see Q4 profit slump by almost 70 per cent on the back of soft demand for smart phones and chips. The collapse of crypto exchange FTX prompts Silvergate Capital to cover $8bn in withdrawals. And Kyiv has rejected an Orthodox Christmas truce offered by Moscow while clinching U.S., German and French deals for armoured vehicles.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Federal Reserve signals that it will maintain rates at a higher level for longer following the release of December’s FOMC meeting’s minutes. It is expected to slow the pace of hikes while ruling out any cuts this year. U.S. markets are in the green for the first time this year amid a dip in manufacturing activity and a strong employment scenario. China’s service sector contracts for the fourth consecutive month as rising Covid rates hamper consumer demand. The EU urges a coordinated testing regime on Chinese arrivals to the bloc while the WHO accuses Beijing of opacity over its Covid data. E-commerce giant Amazon announces it will cut up to 18,000 jobs as lay-offs increase throughout the tech sector.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Apple’s market cap falls below $2tn on the first trading day of the year as shares slump. The iPhone maker’s decline continues into 2023 after a year which saw its valuation drop by $1tn. Tesla misses Q4 delivery estimates, causing shares to slump 12 per cent. CEO Elon Musk now faces an investor backlash over demand and supply chain concerns. Forecasts of warmer winter temperatures push U.S. and European natural gas prices lower, helping to ease inflationary pressures in Germany. In Washington, House Republicans are in disarray after failing to elect Kevin McCarthy as Speaker after three votes – the first majority leader not to receive his party’s backing in a century. And in New York, former FTX CEO Sam Bankman-Fried has pleaded not guilty to federal fraud charges. His trial date is set for October.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Global markets start the new year positively after Wall Street posted its worst-performing year since 2008. IUMF Managing director Kristalina Georgieva has warned of a tough 12 months ahead. Chinese manufacturing activity at state firms hovers near a three-year low following the abolition of Covid regulations. President Xi Jinping has told his nation that the next phase in its Covid response would prove to be challenging. In corporate news, Tesla has posted record Q4 production and delivery numbers but misses estimates as supply chain issues and recession concerns continue to weigh. CNBC learns that Sam Bankman-Fried will plead not guilty to fraud charges over the collapse of his FTX cryptocurrency exchange.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. markets end 2023 in the green with the S&P500 recording its best day all month and the Nasdaq claws back some of December’s losses. However, Wall Street as a whole is still on track to mark its most torrid year since the Great Financial Crisis. In China stocks are up despite the country suffering a huge Covid exit wave with several nations imposing travel restrictions on Chinese nationals. Oil prices end 2023 on a high after a bumper year for IOCs. Investors are now eyeing China’s reopening and Europe’s energy crunch in the new year. Russia continues to pound Kyiv with missiles following its largest aerial assault since the start of the war. U.S. President Biden has pledged more support for Ukrainian forces in his 2023 spending bill.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Equities around the world continue to pull back at year-end. U.S. markets are set for their worst year since 2008, amid the backdrop of China’s post-Covid reopening. Several Asian nations, the U.S. and Italy re-impose testing demands on Chinese travellers following positive Covid results among 50 per cent of passengers arriving on two flights in Milan. Exxon is taking the EU to court over its windfall tax rules following the increase in levies ordered by Brussels. And in tech news, Apple shares tumble to a one-year low below a key $129 technical level. Investors are now bracing for the tech rout to spread into other sectors.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. markets make a tepid return to trade as the China re-opening rally stutters. The S&P500 is now on course for its seventh-worst year ever. As Beijing unwinds its zero-Covid restrictions, the Hang Seng outperforms in Asia. Hong Kong is reportedly set scrap its Covid testing and vaccine mandate rules for international travellers. Russia has vowed to ban oil sales to any country abiding by the West’s $60 barrel price cap. And in auto news, Tesla is forced to pause production at its Shanghai plant causing shares to fall by more than 10 per cent – their worst performance by month, quarter and year to date.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

China scraps its quarantine rules for international travellers as its continues to wind back Covid restrictions, marking its biggest push yet towards reopening its borders since the pandemic. Violent blizzards hit much of the U.S. through the Christmas weekend, with tens of thousands of homes left without power and scores of flights grounded. Ukraine's Foreign Minister Dmytro Kuleba says Kyiv would be open to a UN-backed peace summit aimed at ending Russia's invasion, but stresses he wants to see Moscow pay for its actions.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. equities see the sell-off resume, killing off hope of a Santa Clause rally with tech stocks leading the losses. Billionaire investor David Tepper tells CNBC he is bearish on stocks. Tesla shares are down almost 9 per cent on demand concerns but manages to claw back some losses in extended trade. CEO Elon Musk will now not sell off any more shares until 2025. Border Force staff in the UK go on strike sparking travel chaos while in the U.S. thousands of flights are grounded by a ‘bomb cyclone’ winter storm. Former FTX CEO Sam Bankman-Fried is released on a $250m bail and ordered to remain under house arrest as he awaits trial for federal fraud charges.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street enjoys a second consecutive day in the green, boosted by better-than-expected data and strong earnings from Nike and FedEx. Ukrainian President Volodomyr Zelenskyy addresses the U.S. Congress during his first trip abroad since the Russian invasion, saying that next year will be a turning point in the conflict against Russia. FTX founder Sam Bankman-Fried has been extradited to the U.S. as two of his top executives plead guilty to federal fraud charges in New York. In tech news, U.S. chip maker Micron’s share slump after it suspends bonuses and announces it is slashing its workforce by 10 per cent following a first-quarter loss.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. markets break a four-day losing streak but indices are still set to post their worst year since 2008. The BoJ’s yield curve tweak pushes the yen to its strongest in more than 4 months. Ukrainian President Volodomyr Zelenskyy has announced his first foreign trip since the start of the conflict. He is due to meet President Joe Biden and address the U.S. Congress later today. U.S. sportswear giant Nike sees shares soar by 12 per cent in extended trade after beating expectations and raising its guidance. Elon Musk is reportedly searching for someone “foolish enough” to take over from him as Twitter CEO following the result of his own online poll.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In a surprise move the BoJ loosens its yield curve control band causing the yen to pop and the Nikkei to sell off in what is seen to be a hint that the central bank is tightening monetary policy. In the U.S. hopes of a Santa rally fade as Wall Street posts its fourth consecutive session in the red as recession concerns show no signs of abating. Meta shares slump following an EU ruling which show the tech giant had breached anti-trust rules. It may now be fined up to $12bn. And in energy news, EU countries have agreed a gas cap compromise that would come into effect from February. However, Hungary has already voiced its opposition to the ‘dangerous’ measure saying it would leave European energy supplies vulnerable.   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wall Street is in the red and Asian markets follow suit after a week of hawkish messaging from the world’s largest central banks. We hear from BNP Paribas chairman Jean Lemierre who says that rate hikes are the price to pay need to rein in inflation. New Twitter owner Elon Musk surveys users whether he should step down as CEO of the social media platform. Former FTX CEO Sam Bankman-Fried reverses his decision to fight U.S. extradition efforts where he faces allegations of wire fraud and money laundering.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Global equities see sharp sell-offs following this week’s rate hikes in the U.S. and Europe with warnings of more to come. All three major U.S. indices as well as the STOXX600 slump to their lowest level since November. Both the ECB and BoE push rates up by a further 50bps but say that rate increases will continue into 2023. In Brussels, EU leaders agree on more aid to Ukraine and how to respond to President Biden’s Inflation Reduction Act. However, a corruption scandal engulfing the European Parliament continues to deepen. We hear exclusively from the CEO of shipping titan MSC, Soren Toft, who says his firm is ready to capitalise on a predicted import/export recovery from China following Beijing’s relaxation of its zero-Covid policy.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Federal Reserve Chairman Jerome Powell lifts rates by 50bps and signals that the hiking path will continue into 2023, with its terminal rate up above 5 per cent. Investors now await the ECB and BoE to follow the Fed’s moves amid faint hopes that inflation may have peaked. In China, industrial production growth slumps in November while retail is down by almost 6 per cent as the countries zero-Covid restrictions continue to hamstring the economy. As EU leaders meet in Brussels to respond to the U.S. Inflation Reduction Act, we hear from Estonian PM Kaja Kallas who says competition rules cannot simply be ‘thrown out of the window’.  See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Founder and former FTX CEO Sam Bankman-Fried is denied bail in the Bahamas as he faces criminal charges over the collapse of the crypto exchange. Prosecutors have called it called it the largest embezzlement in U.S. history. Meanwhile rival exchange Binance have denied fears of contagion in the sector despite, according to crypto analytics firm Nansen, seeing $3bn of withdrawals within 24 hours. U.S. inflation data for November comes in lower than expected pushing Wall Street marginally higher. Investors now expect a 50bps rate hike from the Federal Reserve later today. And in Brussels, EU energy ministers fail yet again to compromise on a cap on gas prices with another meeting scheduled for next week.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sam Bankman-Fried is arrested in the Bahamas and faces extradition to the United States, with prosecutors expected to charge the former poster boy of the Crypto industry with wire and securities fraud. U.S. equities kick off a crucial week of central bank decisions and economic data on a high, with investors hoping for a softer inflation print stateside today that could set the tone going into 2023. China and Hong Kong continue to ease Covid restrictions, dropping their state-mandated mobile tracking apps as the region continues to unwind some of the world's strictest curbs. EU Energy Ministers prepare to meet in Brussels for crunch talks on a gas price cap as the bloc is warned about potential shortages next winter.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. markets post their worst weekly performance since September, ahead of a busy week - with U.S. CPI data and a slew of central bank rate decisions in focus. Hong Kong's Hang Seng leads losses in Asia, with tech and property stocks under pressure. Crude climbs after Russia's Vladimir Putin threatens to turn off the taps to Europe, while a cold snap hits the continent and puts its energy security to the test. European Parliament Vice President Eva Kaili is suspended from her party, after Belgian police detain 2 MEPs and seize €600,000 in cash in a series of weekend raids.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Prices at China's factory gates fall for the second straight month, and consumer inflation slows on weak demand, while Asian stocks take heart from Beijing's easing of Covid curbs. The S&P snaps a five-day losing streak and part of the yield curve sees its deepest inversion since 2001, as investors eye producer price data for clues into the Fed's rate hiking path. U.S. regulators sue to block Microsoft’s $75 billion acquisition of Activision Blizzard over concerns it would harm competition in the gaming space. FTX founder Sam Bankman-Fried is warned he could be subpoenaed to testify on Capitol Hill next week, as the SEC calls on public companies to disclose their crypto exposure amid fears of further contagion.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

ECB staff discuss strike action after rejecting a below-inflation pay offer, as the central bank's own survey shows price pressures are set to rise next year. Hong Kong's Hang Seng jumps on local media reports authorities are considering a further easing of Covid measures, with tech stocks leading the charge. China's president Xi Jinping starts his three-day visit to Saudi Arabia in a bid to boost ties with the region. The S&P 500 posts its fifth straight negative session as rate concerns cloud the outlook, while consumer borrowing climbs.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.