No end in sight
Today's news headlines:
'Rishi Sunak calls for "constructive dialogue" with unions as strikes escalate'. A timely resolution to the recent strikes causing disruption across the UK is looking unlikely. Workers have begun industrial action in 10 of the 11 ambulance trusts in England and Wales as tensions between unions and Ministers flare. Negotiations with railway union leaders are also heading in the wrong direction, with the head of the drivers' union, Aslef, hinting that there has been almost no progress in talks to stop further strikes. Opposition leader Kier Starmer criticised the government's failings in reaching a pay resolution with unions during the Prime Minister's questions while pointing out that there had been no national NHS strikes within 13 years of the last labour authority. (Financial Times)
'Turkish stocks tumble more than 5%'. After gaining almost 200 percent in 2022, the Borsa Istanbul 100 stock index has kicked off the new year by shedding nearly a fifth of its value, triggering a 'circuit breaker' that temporarily paused trading in an attempt to flatten volatility. Of the 100 stocks listed on the Turkish index, 97 ended yesterday's trading session in the red, with technology and healthcare being hit hardest. Investors swarmed towards the high-performing index last year in search of returns on their capital as inflation hit an eye-watering 85 percent. (Financial Times)
Following the recent decline in wholesale energy prices, US consumer prices are expected to ease to 6.5% for the year to December. Meanwhile, the monthly figure is forecasted to remain flat. The CPI data will be a key indicator of the Federal Reserve's progress in taming inflation and potentially pave the way for the slowing of its interest rate hikes during its next meeting in early February.
Chinese CPI y/y: 1.8% vs 1.6% previously
Chinese PPI y/y: -0.7% vs -1.3% previously
FOMC Member Patrick Harker speaks: 12:30PM
US CPI y/y: 1:30PM
US Unemployment Claims: 1:30PM
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