📉 The Global Economy Is About To...

Good morning. US stock futures were mixed in Wednesday morning trading as investors awaited earnings and inflation data.

📉 World Bank predicts slowdown in global growth in 2024

📝 Our report: Uh-oh, the World Bank just dropped the not-so-cool news: global growth in 2024 is gearing up for a three-peat slowdown. Hamstrung by the COVID-19 pandemic, then the war in Ukraine and ensuing spikes in inflation and interest rates around the world, the first half of the 2020s now looks like it will be the worst half-decade performance in 30 years, it added.  

 🔑 Key points:

• Global GDP is likely to grow 2.4% this year, the World Bank forecast in its latest Global Economic Prospects report. That compares to 2.6% in 2023, 3.0% in 2022 and 6.2% in 2021 when there was a rebound as the pandemic ended.

• Excluding the pandemic contraction of 2020, growth this year is set to be the weakest since the global financial crisis of 2009, the development lender said.

• "Without a major course correction, the 2020s will go down as a decade of wasted opportunity," World Bank Group Chief Economist Indermit Gill said in a statement.

💡 So what: A global economic slowdown, as predicted by the World Bank for 2024, carries multifaceted repercussions. Rising unemployment becomes a prevalent concern as businesses scale back activities, leading to layoffs and diminished job opportunities. Reduced consumer spending follows suit, driven by waning confidence amidst economic uncertainties, impacting businesses reliant on consumer demand. The profitability of companies takes a hit, with lower sales and decreased profits, while international trade faces disruptions due to weakened demand for exports and supply chain challenges. Ultimately, the global economic situation remains a dynamic one, and it’s anyone’s guess how the situation will evolve.

Wednesday - New York Fed President John Williams Speaks

Thursday - US CPI

Friday - No Major Economic News

 🏡 Here’s everything to consider if you want to invest in real estate!

🤝 Follow these tips to select the right business partner!

🏢 US SEC investigates hack announcing Bitcoin ETF approval

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📱 Meta to restrict content as pressure mounts

WHAT: Meta Platforms just hit the parental control button on Instagram and Facebook, promising to hide more content from teens, after regulators around the globe have been pressing the social media giant to protect children from harmful content on its apps. All teens will now be placed into the most restrictive content control settings on the apps and additional search terms will be limited on Instagram, Meta said in a blogpost

WHY: Meta is under pressure both in the United States and Europe over allegations that its apps are addictive and have helped fuel a youth mental health crisis. Attorneys general of 33 U.S. states including California and New York sued the company in October, saying it repeatedly misled the public about the dangers of its platforms.

🤖 Microsoft under watchful eye of EU regulators

WHAT: Microsoft, the financial fairy godparent to ChatGPT's creator, OpenAI, is now facing some raised eyebrows from EU antitrust regulators. "The European Commission is checking whether Microsoft's investment in OpenAI might be reviewable under the EU Merger Regulation," the EU executive, which acts as the EU competition enforcer, said in a statement.

WHY: Microsoft has said its partnership with OpenAI, forged in 2019, has fostered more AI innovation and competition while preserving independence for both companies.

📺 TikTok, Android work on streaming partnership

WHAT: Google and TikTok are teaming up to turn your Android phone into a TV magician, making your favorite videos leap onto the big screen with a flick of your virtual wand. The new feature will let Android users show clips from ByteDance Ltd.’s TikTok app on TVs equipped with Google’s Chromecast system, according to a statement from Google.

WHY: Google is working to make it easier to share data between devices. This includes a new Quick Share feature — developed with Samsung Electronics Co. — that can exchange images and other files.

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