Economists polled by The Wall Street Journal had expected the economy to stagnate over the quarter. (DJN) Italy's economy swung to contraction in the fourth quarter of last year, shrinking 0.1% from the previous quarter, data from Italy's statistics office Istat showed. That was the first decline in output since 2020's fourth quarter. The economy grew 0.5% in the third quarter. (DJN) Germany's jobless rate was stable at 5.5% in January, data from the Federal Employment Agency showed, suggesting the labor market remained resilient at the beginning of the year despite weakening economic activity. The reading was in line with economists' expectations in Wall Street Journal poll. (DJN) Norway's $1.4 trillion sovereign-wealth fund, the world's largest, made a negative return of 14.1% in 2022, equivalent to a loss of 1.637 trillion Norwegian kroner ($164.13 billion). (DJN) Australian retail sales dived in December as the combined impact of a record-breaking jump in interest rates last year and the worst cost-of-living crisis in three decades sent consumers scurrying to the sidelines. Retail sales dropped 3.9% in December, posting their first fall in 11 months and more than offsetting the 1.7% rise recorded in November, the Australian Bureau of Statistics said. (DJN) Australian consumer confidence nudged higher last week, but remains depressed more broadly. Confidence rose 0.9 points to 86.9 points last week, according to a survey by the ANZ Bank and pollster Roy Morgan. (DJN) Feedback Loop

This newsletter is compiled by James Christie in San Francisco.

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This article is a text version of a Wall Street Journal newsletter published earlier today.


(END) Dow Jones Newswires

01-31-23 0721ET