Macro Briefing: 17 January 2022

* Omicron and inflation weigh on US economic outlook
* China’s zero-tolerance Covid policy is a risk factor for global manufacturing
* China GDP rose 4.0% in Q4 vs. year-ago level–slowest rise in nearly two years
* China central bank cuts interest rates to offset growth risk
* Oil price near highest level in more than six years
* N. Korea fires 2 missiles–fourth test this month
* Q4 earnings in focus this week: Will value and cyclicals outperform tech?
* US retail sales fell in Dec. (seasonally adj), but unadjusted data shows a surge: