ECB officials also dampened hopes of imminent interest rate cuts. Meanwhile, Goldman Sachs and Morgan Stanley published disappointing results. The FTSE 100 fell 0.5%.

Today, the index is down 1.5% after stronger-than-expected inflation data reduced even further the chances of early rate cuts this year. Britain's annual rate of consumer price inflation rose for the first time in 10 months in December.

Commodity stocks fell after new data showed Chinese growth reached 5.2% last year, a little less than economists were forecasting (5.3%), but a little more than the Chinese Communist Party (CCP) was aiming for ("around 5%"). This represents an acceleration on the pace seen in 2022 (3%), a year still marked by covid restrictions.

Even so, the pace of growth in China is slower than in previous years. Above all, the rebound in consumption is less vigorous than expected, and the real estate sector continues to crack. New home prices continued to fall in December, while investment in real estate collapsed in 2023. At the same time, official statistics showed a second year of population decline, with 9 million births to 11 million deaths. Previous restrictive demographic policies and covid contribute to the imbalance.

Among corporate news, BP PLC announced the acquisition of Getec Energie GmbH, a German energy supplier for commercial and industrial customers. This move aligns with BP's strategy to become an integrated energy company and will accelerate the delivery of energy solutions. BP also confirmed Murray Auchincloss as the permanent CEO, following the interim period after Bernard Looney's departure. BP shares saw a slight decline following the announcement.

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