Good morning. US stock futures fell in Tuesday morning trading as investors attempted to keep building on early 2023 momentum and looked ahead to more corporate earnings.

"Human frailty...becomes the investor's greatest enemy and will eventually, if not safeguarded, bring about his downfall"

Jesse Livermore

Top News

All eyes on Davos

• International business and political leaders will assemble in Davos, Switzerland this week to attend the annual World Economic Forum.

• The title of this year's forum "Cooperation In A Fragmented World" is centered around addressing the technological and economic disconnect between countries across the globe.

France pushes EU on "Made In Europe" industrial strategy

• France wants the European Union to adopt a "Made in Europe" industrial strategy in response to the U.S. scheme of subsidies for green investment.

• EU leaders are set to discuss new industrial policies at the bloc's summit in February as they show concern over the US' $369 billion Inflation Reduction Act which they fear will draw companies away from the EU.

Slowdown in China

• China's economy slowed sharply in the fourth quarter of 2022, largely driven by stringent Covid-19 measures, marking one of the worse growth periods for the country in 50 years

• Data from the country's National Bureau of Statistics showed that GDP grew by 2.9% from October-December, slower than the year prior's growth rate of 3.9% for the same period.

In Other News

CEO survey paints grim economic picture

• PwC's global CEO survey, which polled 4,410 CEOs in 105 countries and territories in October and November 2022, found that 73% of CEOs believed global economic growth will decline over the next twelve months.

• The lone bright spot in the survey was that roughly 60% of respondents said they have no intentions to reduce headcount while 80% have no plans to lower compensation amid an ongoing fight to retain talent.

Bitcoin's bolt!

• Cryptocurrency Bitcoin has started 2023 with a bang, rising 26% in the first two weeks of the year.

• The surge has helped to lift the overall value of digital assets past $1 trillion, a level that gave way in November when the FTX exchange imploded, according to crypto tracking firm CoinGecko.

Microsoft's big AI bet

• Microsoft said it will add OpenAI's ChatGPT AI bot to its Azure service, building on their existing partnership as the company considers increasing its stake in OpenAI.

• Microsoft is in discussions to invest as much as $10 billion in OpenAI people familiar with the plans say.

Key Economic Events

• Tuesday - Fed's Williams Gives Welcoming Remarks

• Wednesday - Federal Reserve Releases Beige Book, Fed's Logan Gives Speech In Austin

• Thursday - ECB's Lagarde Speaks At WEF, Fed's Collins Speaks At Housing Conference

• Friday - Fed's Waller Speaks On Foreign Relations

Notable Briefs

• Here's how you should think about work goals in 2023

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• Understanding the difference between trading and investing.

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