Macro Briefing: 22 February 2023

* Biden to meet eastern NATO flank after Poland visit
* US may impose new sanctions on China for its economic support of Russia
* Russia will suspend last remaining U.S.-Russia arms control treaty
* Walmart turns cautious on economic outlook
* Amazon has approval from FTC to acquire One Medical primary-care clinics
* Existing home sales in US fall for 12th straight month in January
* US business activity rebounds in February via PMI survey data:

Global business activity steadied in January, easing worries of a worldwide recession, according to PMI survey data published by S&P Global. “By edging closer to the 50.0 no change level, the index points to a near-stabilization of business activity after a downturn in the fourth quarter which had been the steepest recorded since the global financial crisis, if the initial pandemic lockdown months of early 2020 are excluded,” the consultancy reports. “In fact, model-based comparisons of the PMI with GDP suggest that January’s survey index upturn is consistent with a marginal growth in global GDP.”