Finnish foreign minister: We have to be prepared for a long conflict in Ukraine
Pekka Haavisto, the minister for foreign affairs for Finland, told CNBC's Silvia Amaro that we must be prepared for a long conflict in Ukraine.
Haavisto was speaking from the World Economic Forum in Davos, Switzerland.
You can follow all of CNBC's Davos coverage here.
Allianz 'benefitting tremendously' from rising rates in the insurance business, CEO says
Oliver Bäte, CEO of insurance and asset management giant Allianz, reflects on what he describes as one of the worst imaginable market environments last year, but says the company is "benefitting tremendously" from rising rates in the insurance business.
Growth will bottom out in 2023 and rebound next year, IMF chief says
Global growth will bottom in 2023 and rebound in 2024, said International Monetary Fund's managing director Kristalina Georgieva.
"I don't see a downgrade now, but growth in 2023 will slow down," Georgieva said at the World Economic Forum in Davos, Switzerland.
"Our projection is that we will go by half a percentage point down vis-a-vis 2022. The good news though is that we expect growth to bottom out this year and 2024 to be a year in which we finally see the world economy on an upside," Georgieva said.
You can read more about Georgieva's interview with CNBC here.
— Hannah Ward-Glenton
Pay growth picked up in Britain, ONS figures show
Pay growth picked up in Britain in the three months to November, data from the Office for National Statistics showed.
Excluding bonuses, pay rose by 6.4% year on year, the biggest increase since records began in 2001, excluding anomalies during the Covid-19 pandemic.
Reuters economists had expected pay excluding bonuses to increase by 6.3%.
The Bank of England is keeping a close eye on pay growth as it considers future interest rate hikes.
Britain's jobless rate held at 3.7% according to the ONS, close to its lowest in almost 50 years, as reported by Reuters.
— Hannah Ward-Glenton
The U.K. is fiscally unstable, says energy sector CEO.
The U.K. is fiscally unstable, says Enquest CEO.
Amjad Bseisu, CEO of oil and gas company Enquest, discusses investments in the energy industry in the U.K., windfall taxes, and the volatility of the oil price in 2023.
Stocks on the move: Leonardo up 4%, Ocado down 8%
Shares of British digital grocer Ocado fell more than 8% in early trade to the bottom of the Stoxx 600 after the company missed fourth-quarter sales estimates as customers bought less per order ami the U.K.'s cost of living crisis.
At the top of the European blue chip index, Italian aerospace and defense company Leonardo added 4.5%.
- Elliot Smith
CNBC Pro: This under-the-radar global carbon capture stock could soar by 65%, investment banks say
Shares of an under-the-radar carbon capture company are expected to rise by 65% due to increasing global demand for emissions reduction technology, according to investment banks analyzing the stock.
The company's latest innovation, revealed 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 coming off the first two weeks of 2023 trading
With the first two weeks of 2023 trading done, the three major indexes are up so far for the year.
The Nasdaq Composite is leading the way, adding 5.9% as investors bought beaten-down technology stocks on rising hopes of an improving landscape for growth holdings. The S&P 500 and Dow followed, gaining 4.2% and 3.5%, respectively.
— Alex Harring
China's retail sales beat estimates, economy expands more than expected
China's December retail sales beat estimates, falling only 1.8% on an annualized basis, significantly better than the decline of 8.6% projected in a Reuters poll.
Industrial output also grew 1.3% in December, higher than expectations for an increase of 0.2%.
In the fourth quarter, China's economy expanded by 2.9% on an annualized basis, better than the expected 1.8% growth. While quarterly growth was flat, it still beat expectations for a 0.8% contraction.
Despite better-than-expected data, the Chinese offshore yuan weakened sharply from 6.7403 to 6.7563 against the U.S. dollar shortly after the release.
– Jihye Lee
European markets: Here are the opening calls
European markets are heading for a flat to lower open Tuesday, with concerns about the global economy high on the agenda at the World Economic Forum in Davos this week.
The U.K.'s FTSE 100 index is expected to open 1 point higher at 7,862, Germany's DAX 31 points lower at 15,111, France's CAC down 14 points at 7,033 and Italy's FTSE MIB down 37 points at 25,836, according to data from IG.
CNBC will be speaking to a range 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 coverage here.
— Holly Ellyatt
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