🐂 Who's Bullish On The Global Economy?

Good morning. US stock futures slid in Wednesday morning trading as Wall Street looked toward the Federal Reserve’s decision on rate policy.

🦾 IMF raises 2024 growth outlook, sees “soft landing” taking place

📝 Our report: The International Monetary Fund (IMF) nudged its forecast for global economic growth upward, giving a thumbs-up to both the United States and China - the dynamic duo of the world's economies. The IMF's chief economist, Pierre-Olivier Gourinchas, said the global lender's updated World Economic Outlook showed that a "soft landing" was in sight, but overall growth and global trade still remained lower than the historical average.  

 🔑 Key points:

• The IMF said the improved outlook was supported by stronger private and public spending despite tight monetary conditions, as well as increased labor force participation, mended supply chains and cheaper energy and commodity prices.

• "We find that the global economy continues to display remarkable resilience and we are now in the final descent toward a 'soft landing' with inflation declining steadily and growth holding up," Gourinchas said.

• The IMF forecast global growth of 3.1% in 2024, up two-tenths of a percentage point from its October forecast, and said it expected unchanged growth of 3.2% in 2025. The historical average for the 2000-2019 period was 3.8%.

💡 So what: When the IMF raises its global growth predictions, it signifies optimism about the overall health and performance of the world economy. Additionally, it may indicate that key economic players, such as the United States and China, are on a positive trajectory, contributing to the overall global economic outlook. However, it's essential to monitor how these predictions translate into real-world economic performance and whether potential challenges or risks could affect the projected growth.

Wednesday - Fed Interest Rate Decision

Thursday - US Productivity

Friday - US Unemployment Rate

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🛍️ US consumer confidence jumps to highest level in 3 years

WHAT: In January, US consumer confidence soared to heights unseen since the end of 2021, fueled by Americans' sunnier outlook on the economy and job market, alongside a surprisingly chill perspective on inflation. The Conference Board’s gauge of sentiment increased to 114.8 from a revised 108 a month earlier. The January figure matched the median estimate in a Bloomberg survey.

WHY: The confidence data, however, showed buying plans eased. The shares of consumers expecting to buy cars, homes and major appliances all slipping from a month earlier.

🎵 Universal blanks TikTok on licensing deal

WHAT: Universal Music Group (UMG) is pulling the plug on its musical partnership with TikTok and TikTok Music services. The music label announced that its agreement with the social media platform, set to expire on Jan. 31, won't be getting an encore. UMG has been pressing TikTok for appropriate artist and songwriter compensations in their contract renewal discussions, among other things, it said in a letter addressed to its artist and songwriter community.

WHY: The company had reached a deal with social media platform TikTok in February 2021, which allowed users on the app to be able to incorporate clips from UMG's music catalog on their videos.

💰 Musk ducked multi-billion dollar pay package

WHAT: A Delaware judge took a jab at Elon Musk's $55 billion payday at Tesla, calling it excessive after a shareholder threw down the gauntlet. The ruling not only threatens to give Musk's wallet a hefty haircut but also adds a twist of uncertainty to the fate of his companies. The decision, which amounts to his first major loss in court, means that more than five years after the electric carmaker’s co-founder was granted the largest executive compensation plan in history, Tesla’s board will have to start over and come up with a new proposal.

WHY: Musk has repeatedly urged Tesla’s board to arrange another massive stock award for him, years after he sold a significant chunk of his shares in the company to acquire Twitter. The billionaire has said he needs a bigger stake in Tesla to maintain control of the electric-car maker and expand further into artificial intelligence.

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