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HomeNewsGlobal NewsBoeing Safety Checks Take Center Stage, Futures Reflect Investor Jitters

Boeing Safety Checks Take Center Stage, Futures Reflect Investor Jitters

Boeing

Nasdaq 100 futures (NDX:IND) +0.6%,  S&P futures (SPX)  = +0.3%, Dow futures (INDU)= +0.1%.

FAA suggests more Boeing checks

United States aviation authority recommends Boeing 737-900ER door plug inspections because they have the same design as a jet engaged in a dangerous mid-air breach earlier this month.

FAA warned late Sunday that 737-900ER operators are “encouraged to conduct a visual inspection” to ensure the door plug is “restrained from any movements.” FAA says move adds “an added layer of safety.”

In prior mid-exit door plug maintenance inspections, certain operators “noted findings” with 737-900ER bolts, the FAA said. Despite not being part of Boeing’s Max fleet, the 737-900ER features the same optional door plug.

The Jan. 5 non-fatal blowout on Alaska Airlines’ 737-9 Max aircraft has increased pressure on Boeing, which has already been under fire for safety issues. The FAA grounded 171 737-9 Max jets after the incident.

Rising earnings season

Large firms including Netflix (NASDAQ:NFLX), Tesla (NASDAQ:TSLA), and 3M (NYSE:MMM) will report their latest earnings this week.

Analysts expect quarterly results to determine the S&P 500’s rally’s longevity.

“If […] we find out that the market has either gotten ahead of itself […] or we get guidance from some of these companies that doesn’t match the bullish sentiment that’s being priced into them, that can be a real risk,” Interactive Brokers (NASDAQ:IBKR) Chief Strategist Steve Sosnick told Reuters

In Europe, chipmaker ASML (AS:ASML), computer accessories maker Logitech (NASDAQ:LOGI), software developer SAP (ETR:SAPG), and fashion giant LVMH (EPA:LVMH) will report.

Sony ends Zee merger discussions

Sony’s Indian unit and Zee Entertainment have ended long-running merger talks that would have produced a $10 billion monster in one of the world’s fastest-growing economies.

The Japanese group stated that it could not continue agreement negotiations beyond Jan. 21. The 2021 deal would have combined two Indian media powerhouses during a period of rising rivalry.

But Sony told Reuters that the merger’s undisclosed closing criteria were “not satisfied,” adding that it was “extremely disappointed” but dedicated to expanding in India.

Zee disclosed in a securities statement that Sony wanted $90 million in termination fees and “emergency interim reliefs.” It denied Sony’s assertions and promised to take “all necessary steps to safeguard the long-term interests of its stakeholders,” including legal action.

Sony refused to let Zee CEO Punit Goenka run the united organization, according to reports. Zee said Monday that Goenka was “agreeable to step down in the interest of the merger.”

Economic Calendar

10:00 AM ET                Leading Index M/M for December

Other Key Events:

·     Barclay’s Global Macro & Inflation Conference, 1/22-1/24, in Miami, FL

·     Jefferies Winter Consumer Summit, 1/22-1/23, in CO

Must read book about investing– check here

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2023 Chinese growth exceeds objective, but difficulties persist

China’s economy grew slightly less than predicted in the fourth quarter due to sluggish spending and a property market slump, but it narrowly beat government expectations for 2023.

Gross domestic product rose 5.2% year-over-year in the three months to Dec. 31, the National Bureau of Statistics reported Wednesday. The reading was weaker than 5.3% predictions but up from 4.9% the quarter before.

This raised 2023 growth to 5.2%, above Beijing’s 5% target. Despite COVID-19 limits, activity increased from 3% in 2022 due to a lower base for comparison. Except for the three pandemic-era closures, it was the lowest yearly expansion rate since 1990.

Last year, the Chinese economy was hampered by falling consumer spending, a housing market crash, and deflation. The world’s second-largest economy has demographic concerns, as shown by new data showing a faster population fall in 2023.

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2023 Chinese growth exceeds objective, but difficulties persist

China’s economy grew slightly less than predicted in the fourth quarter due to sluggish spending and a property market slump, but it narrowly beat government expectations for 2023.

Gross domestic product rose 5.2% year-over-year in the three months to Dec. 31, the National Bureau of Statistics reported Wednesday. The reading was weaker than 5.3% predictions but up from 4.9% the quarter before.

This raised 2023 growth to 5.2%, above Beijing’s 5% target. Despite COVID-19 limits, activity increased from 3% in 2022 due to a lower base for comparison. Except for the three pandemic-era closures, it was the lowest yearly expansion rate since 1990.

Last year, the Chinese economy was hampered by falling consumer spending, a housing market crash, and deflation. The world’s second-largest economy has demographic concerns, as shown by new data showing a faster population fall in 2023.

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