News from WEF, data and earnings

Stocks in motion: Leonardo up 4%, Ocado down 8%

UK Digital Grocery Shares Ocado fell more than 8% in early trading to the bottom of the Stoxx 600 after the company fell short of fourth-quarter sales estimates as customers bought less per order during the UK’s cost-of-living crisis.

At the top of the European blue chip index, Italian aerospace and defense company Leonardo 4.5% added.

CNBC Pro: This under-the-radar global carbon capture stock could rise 65%, investment banks say

According to investment banks analyzing the stock, shares of an under-the-radar carbon capture company are expected to rise 65% on rising global demand for emissions reduction technology.

The company’s latest innovation, unveiled last week, could reduce the energy needed to sequester carbon and improve the company’s profitability going forward, according to analysts at a German investment bank.

CNBC Pro subscribers can read more here.

— Ganesha Rao

Where are the major indices during the first two trading weeks of 2023

With trading in the first two weeks of 2023 behind us, the three major indices are up for the year so far.

The Nasdaq composite leads the way, adding 5.9% as investors bought down technology stocks on rising hopes of an improving landscape for growth positions. The S&P 500 and Dow followed and gained 4.2% and 3.5% respectively.

—Alex Harring

China’s retail sales top estimates, economy growing more than expected

China’s retail sales in December beat estimates, falling just 1.8% year-on-year, significantly better than the 8.6% decline expected in a Reuters poll.

Industrial production also grew by 1.3% in December, higher than expected with an increase of 0.2%.

In the fourth quarter, the Chinese economy grew at an annualized rate of 2.9%, better than the expected growth rate of 1.8%. While quarter-on-quarter growth was flat, it still beat expectations for a contraction of 0.8%.

Despite better-than-expected data, China’s offshore yuan weakened sharply from 6.7403 to 6.7563 against the US dollar shortly after release.

European markets: Here are the opening calls

European markets are heading for a flat to lower open on Tuesday, with global economic concerns high on the agenda this week at the World Economic Forum in Davos.

That of the UK FTSE 100 index is expected to open 1 point higher at 7,862, Germany DAX 31 points lower at 15,111, France CAC 14 points lower at 7,033 and that of Italy FTSE MIB Down 37 points at 25,836, according to data from IG.

CNBC will address a range of delegates at the World Economic Forum on Tuesday, including the presidents of Spain, Latvia, Lithuania and Poland and the CEOs of Unilever, UBS, Allianz and Swiss Re, among others. Follow our coverage here.

— Holly Ellyatt

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