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Live updates: Davos and Golden Globes announce return to normal

Live updates: Davos and Golden Globes announce return to normal

#Live #updates #Davos #Golden #Globes #announce #return #normal Welcome to Alaska Green Light Blog, here is the new story we have for you today:

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Amid the economic slowdown and ongoing conflict in Ukraine, there are signs of a return to normal.

The Golden Globes awards ceremony is back at her home in Los Angeles this week after boycotts over a lack of diversity led to the event’s cancellation last year. Looking ahead, world leaders, business leaders and business thinkers will arrive this Sunday for next week’s World Economic Forum in the Swiss resort of Davos.

The next seven days will also mark the official start of the fourth quarter earnings season, starting with Wall Street banks and UK retailers. This will of course serve as a reminder that we are still a long way from getting back to normal for the global economy – more details below.

For Britain, normality means far-reaching industrial action at the moment. Ambulance workers and driving instructors are staging more strikes this week as teacher union strike votes in England and Wales come to an end.

With the vote on the appointment of Kevin McCarthy as Speaker of the House of Representatives, normality has returned, at least in the US Congress. Attention can now turn to the economic challenges this year will bring – more on the data announcements this week below.

A rocket carrying a payload of small satellites sits under the wings of

A rocket carrying a payload of small satellites sits under the wings of Cosmic Girl, a converted Boeing 747, at Cornwall Spaceport in Newquay © Tim Hepher/Reuters

Could things go up? Yes if you are in Cornwall. Monday promises to be a historic day for the county of Britain – at least according to Virgin Orbit – with the first space satellite launch from mainland Britain.

It might perhaps be better described as a bit of classic British eccentricity, as the nine satellites will be launched into orbit in a rocket launched from a converted Boeing 747, due to take off from Newquay Airport on Monday night. It certainly shows some level of creativity and should at least lift some British spirits.

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Who is happy about rate hikes? banks, that’s who. That will be made clear this week when several of Wall Street’s largest lenders report fourth-quarter results on Friday.

These companies have made money from the Fed’s tightening by raising interest rates on loans more than on deposits. Analysts are estimating that JPMorgan Chase, Bank of America, Citigroup and Wells Fargo will report combined net interest income of nearly $60 billion for the last three months of 2022, up 30 percent from 2021, according to consensus data compiled by Bloomberg corresponds to the previous year. The concern is that this revenue-boosting party may not last and that net interest margins have peaked.

Line chart of net interest income in billions of dollars, showing a sharp increase in loan income for large US banks

The downside to rate hikes is the problem of high inflation, which brings me to the other topic on the corporate calendar this week, retailers. Increased checkout prices appear to be a good thing for retailers. Not if inflation hits double digits, it’s not.

We’ll find out exactly how bad things have been over the Christmas period – or indeed whether World Cup shopping has given any sort of boost – through a series of trade updates from Britain’s high street and online brands this week.

Consumer spending could, of course, be better than expected, as revealed by Next last week. Games Workshop, which announces first-half numbers on Tuesday, is causing a lot of excitement (not just among teens obsessed with Dungeons and Dragons) about opportunities for growth from a surge in RPGs during the pandemic. Investors’ (as well as teenagers’) expectations were further raised by the fantasy games maker’s recent Amazon TV and film deal.

economic data

A shopper carries a Zara bag on Regent Street, London

A shopper carries a Zara bag on Regent Street, London. The British Retail Consortium updates its monthly retail sales survey on Tuesday © Hollie Adams/Bloomberg

Expect a torrent of CPI and other inflation data from the US, China, Japan, Australia, Brazil and Mexico in the coming days.

The British Retail Consortium will update its monthly survey of UK high street sales on Tuesday, while the Office for National Statistics will release its latest monthly estimate of gross domestic product on Friday, giving a sense of where the country stands in relation to the recession.

Monetary policy comes from the Bank of Korea this week, which is expected to raise interest rates by another 25 basis points to 3.50 percent on Friday.

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