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News from WEF, data and earnings

Shares on the move: Leonardo up 4%, Ocado down 8%

Shares of British digital merchant Ocado fell more than 8% in early trade to the bottom of the Stoxx 600 after the company missed fourth-quarter sales estimates as customers bought less per order due to Britain̵[ads1]7;s cost-of-living crisis.

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

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

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

The company’s latest innovation, revealed last week, could cut the energy needed to capture carbon and improve the company’s profitability in the future, according to analysts at a German investment bank.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Where the major indexes stand, the first two weeks of 2023 trading will come

With the first two weeks of 2023 trading complete, the three major indexes are up so far for the year.

The Nasdaq Composite leads the way, adding 5.9% as investors bought depressed tech stocks on rising hopes of a better landscape for growth stocks. The S&P 500 and Dow followed, increasing 4.2% and 3.5% respectively.

– Alex Harring

China’s retail sales beat estimates, economy grows more than expected

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

Industrial production also grew by 1.3% in December, higher than expectations for a 0.2% increase.

In the fourth quarter, China’s economy expanded by 2.9% year-on-year, better than expected growth of 1.8%. While quarterly growth was flat, it still beat expectations for a 0.8% decline.

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

European markets: Here are the opening calls

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

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

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

—Holly Ellyatt

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