South China Morning Post (January 29)
At Davos, Chinese Premier Li Qiang provided WEF delegates with an “early and unexpected disclosure… China’s gross domestic product (GDP) had grown by 5.2 per cent in 2023.” This didn’t come across as powerfully convincing evidence that China’s economy is again healthy. Worries remain about China and its economy. “Challenges related to national security, data flows and market barriers still dominate hearts and minds in decision-making.”
Tags: 2023, 5.2%, Challenges, China, Data flows, Davos, Disclosure, Dominate, Economy, GDP, Li Qiang, Market barriers, National security, Premier, WEF, Worries
New York Times (January 20)
“The money flowing out of funds that invest in companies with environmental, social and governance principles has gone from a trickle to a torrent as investors sour on a sector hit by green-washing concerns, red-state boycotts and boardroom debates.” The phrase ESG “has become increasingly politicized” and has even “been scrubbed from the World Economic Forum’s official program in Davos, Switzerland, after being on the agenda in previous years.”
Tags: Boardroom debates, Boycotts, Davos, ESG, Funds, Green-washing, Invest, Investors, Money, Outflows, Politicized, Red state, Scrubbed, Sour, Torrent
Bloomberg (January 21)
“In a week marked by fresh recession angst from Wall Street to Davos, JPMorgan Chase & Co. finds the odds of an economic downturn priced into financial markets have actually fallen sharply from their 2022 highs.” In October, “a contraction was effectively seen as a done deal across markets.” Now, “according to the firm’s trading model, seven of nine asset classes from high-grade bonds to European stocks now show less than a 50% chance of a recession. That’s a big reversal.”
Tags: Angst, Asset classes, Bonds, Contraction, Davos, Economic downturn, Financial markets, JPMorgan Chase, Recession, Stocks, Trading model, Wall Street
Reuters (January 21)
“It’s a high bar but Donald Trump has quickly snagged the title of most insufferable man at Davos.” The audience at the World Economic Forum “barely clapped during Trump’s comments—but he gave himself enough applause to make up for it.”
Tags: Applause, Clapped, Davos, Insufferable, Trump, World Economic Forum
Financial Times (January 17)
Next week at Davos, “representatives of the Big Four accounting firms… are scheduled to meet Bank of America chief executive Brian Moynihan and other corporate leaders to thrash out green audit standards. Their decisions could be a crucial for the next wave of green reform as any eye-catching speech by Ms. Thunberg, since they will help direct capital flows.”
Tags: Big Four, BoA, Capital flows, Davos, Green audit standards, Leaders, Moynihan, Thunberg
The Economic Times (January 24)
Prime Minister Narendra Modi is usually an inspiring speaker, “but little of that was on display…. when Modi took the stage at the World Economic Forum in Davos this week.” Though he hit some strong notes, “it wasn’t clear what, concretely, India would do to persuade or win over waverers; how it would forge new alliances and blaze new trails to progress….. Davos didn’t want India to sell itself to the world; it needed India to lead.”
Guardian (January 25, 2012)
“The euro fell sharply on the foreign exchanges today after the legendary speculator George Soros said that growing economic and political tensions could destroy the European Union.” At the World Economic Forum in Davos, other economists have added their voices to his warnings. Soro’s said, “Unfortunately, the European authorities had little understanding of how financial markets really work, and did everything wrong.” He pointed out that Greece is now on the verge of default.