The S&P Global U.K. Composite Output Index-which gauges activity in the manufacturing and services sectors-fell to 47.8 in January from 49.0 in December, missing the 48.5 consensus forecast from economists in a poll by The Wall Street Journal.
Germany Consumer Confidence Expected to Improve to Six-Month High in February
Confidence among German consumers is set to improve in February for a fourth straight month, helped by better expectations for the economy and personal finances amid lower energy prices and easing concerns of a recession.
Germany's forward-looking consumer-sentiment index forecasts confidence to increase to minus 33.9 in February from minus 37.6 in January, its highest level since August, data from market-research group GfK showed Tuesday.
French Manufacturing Confidence Improved Slightly in January
Confidence among French manufacturing firms improved in January for a second consecutive month, a sign of the sector's resilience despite increasing challenges as economic growth slows.
French manufacturing confidence increased to 103 in January from 102 in December, exceeding its long-term average, according to data from the country's national statistics office published Tuesday.
All Berlin Brandenburg Airport Passenger Flights Face Grounding Wednesday Due to Workers' Strike
Strike action at Berlin Brandenburg Airport is set to ground all passenger flights Wednesday after labor representatives called for ground handling, security and airport staff to walk out over payment disputes.
Flughafen Berlin Brandenburg GmbH, the operator of Berlin Brandenburg Airport, said in a message posted Monday on its website that some 300 takeoffs and landings were originally scheduled for Wednesday, affecting an estimated 35,000 passengers.
Associated British Foods 1Q Revenue Rose on Resilient Consumer Spending
Associated British Foods PLC said Tuesday that revenue for the first 16 weeks of fiscal 2023 rose on year after better-than-anticipated consumer spending despite increasing cost pressures, and backed its full-year expectations amid lower inflation volatility.
The FTSE 100 company said revenue for the 16 weeks ended Jan. 7 increased at constant currency by 16% to 6.70 billion pounds ($8.29 billion) compared with the same period a year earlier.
Ford Plans 3,200 Job Cuts in Europe, Bloomberg Reports
-Ford Motor Co. plans to cut about 3,200 jobs in Europe, as part of efforts to reduce costs amid its electrification push, Bloomberg reports, citing union IG Metall.
-The majority of positions affected by the cuts are in Germany and the plan would remove around 65% of the car maker's development positions in Europe, according to Bloomberg.
-Ford and IG Metall didn't immediately respond to requests for comment.
Swatch Group Expects Record Year in 2023 After Rises in 2022 Profit, Sales
Swatch Group AG said Tuesday that it expects to achieve 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 stood at 807 million Swiss francs ($875.5 million) compared with CHF765 million in 2021.
Russian Deaths in Indian Jungle Followed Days of Binge-Drinking
BHUBANESWAR, India-Pavel Antov holed himself up in his hotel room, refusing food and drink for two days, after the death of a longtime friend who had accompanied him on a trip deep into the jungles of east India.
The last time the staff at the Hotel Sai International recall seeing the 65-year-old Russian-a prominent regional lawmaker who owned a sausage-making company-he was alone on Dec. 24, swinging his fists in the air and heading for the hotel roof.
Striking Workers at Machinery Maker CNH Approve New Contract
Union workers at two plants for CNH Industrial NV ratified a new contract with the farm and construction equipment maker, ending a strike that began in early May.
About 1,100 members of the United Auto Workers union at plants in Racine, Wis., and Burlington, Iowa, will start returning to work Jan. 30, the company said. The workers walked off their jobs May 2, after rejecting an offer from the company that union leaders said provided insufficient wage increases and higher employee expenses for health insurance coverage.
GLOBAL NEWS
Companies Cut Temp Workers in Warning Sign for Labor Market
Employers are shedding temporary workers at a fast rate, a sign that broader job losses could be on the horizon.
In the last five months of 2022, employers cut 110,800 temp workers, including 35,000 in December, the largest monthly drop since early 2021. Many economists view the sector as an early indicator of future labor-market shifts.
Investors Await Tech Earnings in Next Test for Markets
Technology stocks are off to a strong start after enduring a miserable 2022. The first big test of the new year's rally is on tap.
Even after their sharp selloff, the five largest U.S. companies-Apple Inc., Microsoft Corp., Alphabet Inc., Amazon.com Inc. and Berkshire Hathaway Inc.-account for 18.9% of the S&P 500. That is well above the historical average of about 15%, according to S&P Dow Jones Indices.
Rich Customers Pull Money From Banks Offering Paltry Interest Rates
Wealthy savers are starting to take their cash out of bank accounts in search of higher yields.
Big banks are still paying paltry interest on checking and savings accounts despite the Federal Reserve's steepest rate increases in decades. Their wealth-management customers are done waiting: They are moving the extra savings they accumulated during the pandemic into products whose rates have more closely tracked the Fed.
SEC Scrutiny Blocks Some Crypto Firms From Going Public
Crypto companies seeking to go public over the past year have faced increased scrutiny from the Securities and Exchange Commission, as financial distress and failures spread across the volatile industry.
Crypto-focused companies including Bullish Global, Circle Internet Financial and eToro Group Ltd. have failed to secure the SEC approvals that are required of companies going public. The firms were seeking stock-exchange listings through mergers with special-purpose acquisition companies, an alternative path to going public that thrived in 2020 and 2021 before heightened regulatory checks and market turbulence ended the SPAC boom.
White House Doesn't Commit to Cooperating With GOP Probes of Classified Biden Documents
WASHINGTON-The White House didn't commit Monday to providing information to House Republicans investigating how classified material wound up in President Biden's private home and former office as Mr. Biden's team continued to face sharp questions about the episode.
In a letter to House Oversight Committee Chairman James Comer (R., Ky.), White House counsel Stuart Delery said his office is reviewing Republicans' requests for copies of documents that were found at Mr. Biden's properties and internal communications about the issue. Mr. Delery said it was the White House's goal to "accommodate legitimate oversight interests," while also stressing the need to "protect the integrity and independence of law enforcement investigations."
Brazil and Argentina Discuss Creation of Common Currency
SÃO PAULO-Brazil and Argentina have started preliminary talks to create a common currency, as their leftist leaders revive a proposal that economists and central bankers have long criticized.
Brazil's 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 op-ed with his Argentine counterpart.
At Least Seven Dead in California's Second Mass Shooting in Three Days
At least seven people were killed in two related shootings in California on Monday, authorities said, only days after a separate mass shooting in the state killed 11 people.
The related shootings Monday occurred at two agricultural nurseries near Half Moon Bay, a coastal city south of San Francisco, Christina Corpus, sheriff of San Mateo County, said Monday evening.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
01-24-23 0623ET
