Macro Briefing: 12 January 2023

* Will Biden’s document problems spiral into a political crisis?
* US debt-ceiling fight brewing for later this year
* US and Japan strengthen military alliance to deter China
* Analysts expect corporate profits to fall for first time since pandemic’s start
* China consumer inflation picks up to annual 1.8% pace; still below 2% target
* Recent economic pessimism may have been too extreme: JP Morgan’s Dimon
* European stocks may outperform US shares this year, analysts advise
* Business inflation outlook continues to ease in January via Atlanta Fed survey:

History suggests last year’s top-performing ETFs won’t repeat in 2023. “The adage that past performance isn’t a predictor of future results is likely going to be just as relevant in 2023 as it was throughout the history of investing,” says Todd Rosenbluth, head of research at ETF research firm VettaFi. “The market environment this year is going to be different.”