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WEEK IN REVIEW
Japanese Prime Minister Fumio Kishida set out his policy agenda for the year ahead at the opening of the new Diet session today. President Lula da Silva of Brazil will be in Argentina to take part in the 7th Summit of the Latin American and Caribbean States (Celac) and a number of bilateral meetings.
EU plan for semiconductors: the Energy and Industry Committee of the European Parliament will adopt its amendments to the proposed “EU Chips Act”, designed to strengthen the EU semiconductor industry. The Act includes provisions to support innovation, attract investment, and build a stronger domestic semiconductor industry following post-COVID shortages and supply bottlenecks. Today is International Day of Education.
European Parliament Corporate Sustainability Due Diligence and amending Directive (EU) 2019/1937 – adoption of draft opinion – rapporteur: Pierfrancesco MAJORINO (S&D, IT). Mr. Li Junhua, UN Under-Secretary-General for Economic and Social Affairs, Mr. Shantanu Mukherjee, Director of the Economic Analysis and Policy Division, UN DESA, and Mr. Hamid Rashid, Chief of the Global Economic Monitoring Branch, Economic Analysis and Policy Division, UN DESA. They will brief journalists on the UN World Economic Situation and Prospects Report. 8th Mexico Infrastructure Projects Forum takes place in Monterrey, Mexico.
International Association of Government Officials Annual Conference, Phoenix, USA
Federal Reserve’s preferred measure of inflation, the core personal consumer expenditure (PCE) deflator will be announced.
SATURDAY & SUNDAY
A quiet weekend in politics
GLOBAL ECONOMIC PULSE
U.S. Federal Reserve’s inflation gauge, personal consumer expenditure (PCE) will be released on Friday. Consensus is for moderating US inflation. Central bank policy rates will be announced in Nigeria, Thailand, South Africa, Ukraine, Chile and Colombia on the docket. The second round of Presidential elections in the Czech Republic will take place at the end of next week in which both candidates favor closer relations with Europe and the West rather than with China/Russia. In APAC, business confidence is trending up due to looser COVID-19 restrictions in China. China’s growth at 3.0% in 2022 and China’s 2.9% year-on-year GDP growth in the last quarter of 2022 surpassed expectations. December retail sales and industrial output also outperformed.
Earnings reports this week: Baker Hughes, Microsoft, Danaher, J&J, Verizon, TI, Raytheon, Union Pacific, Lockheed Martin, Intuitive Surgical, GE, 3M, Swatch, Haliburton, Tesla, ASML, Abbott, NextEra Energy, ATT, IBM, Boeing, Elevance, Service Now, US Bancorp, GD, Edwards Lifesciences, KC, LVMH, Visa, Mastercard, Comcast, Intel, Northrop Grumman, Shin Etsu Chemicals, Xcel, Rockwell, Fujitsu, Deutsche Bank, Chevron, China Construction Bank, American Express, Colgate Palmolive, PT Bank Mandiri Persero TBK, Volvo, Nitori.
NOTEWORTHY REPORTS, REGULATIONS, LEGISLATION, DECISIONS & EVENTS
The US National Bureau of Economic Research published: THE AGGREGATE EFFECTS OF GLOBAL AND LOCAL SUPPLY CHAIN DISRUPTIONS: 2020–2022
McKinsey published a report for multinational corporations on how to reconfigure their Asia business.
US Congressional Research Service published a report on Russia’s trade and investment role in the global economy.
On 9 December 2022, the UAE released the Corporate Tax (CT) Law through Federal Decree No 47 of 2022 (CT law). A report on the tax law can be found here.
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