- World stocks scaled one-month peaks thanks to signs inflation is easing, while the yen jumped to seven-month highs and Japanese bond yields breached a central bank target as investors challenged its commitment to loose monetary policy.
- German economic output stagnated in the final quarter of 2022 and grew 1.9% over the full year, data showed, adding to signs that Europe’s largest economy may – at least over the winter – dodge a recession. Britain’s economy unexpectedly eked out some modest growth in November after a boost from World Cup drinkers and video game sales.
- Tesla has slashed prices on its electric vehicles in the United States and Europe by as much as 20%, extending a strategy of aggressive discounting after missing Wall Street estimates for 2022 deliveries.
- China has acquired minority stakes with special rights in two domestic units of tech giant Alibaba, business registration records showed, as Beijing extends a campaign to strengthen control over online content. Meanwhile, Chinese authorities are set to allow Didi Global’s ride-hailing and other apps back on domestic app stores as soon as next week, in yet another signal that their two-year regulatory crackdown on the technology sector is ending.
- JPMorgan reported a 6% rise in fourth-quarter profit, as a better-than-expected performance from the bank’s traders more than offset a hit from a slump in dealmaking. Bank of America reported a better-than-expected fourth-quarter profit as rate hikes helped it charge more interest on loans to customers.
- BlackRock posted a drop in fourth-quarter profit, as a global market rout pressured fee income and assets under management fell in an uncertain economic environment.
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