IEA calls on oil producers to help avoid recession: Davos Update

Elite members from around the world have returned to Davos after a two-year hiatus due to the epidemic.

The annual meeting of the World Economic Forum is being held at a Swiss ski resort on Monday, although Wall Street and politics have lesser names. However, there is still much to be discussed in the context of the war in Ukraine, including widespread inflation, the risk of food shortages and climate change.

The main event of the first day was a virtual speech by the President of Ukraine Volodymyr Zelensky. Cristalina Georgieva, managing director of the International Monetary Fund, and Franোয়াois Villarre de Galhous, governor of the Bank of France, attended the panel.

Tune in to Bloomberg Television for interviews with Standard Chartered Chief Executive Officer Bill Winters, US Special Envoy John Kerry, Carlyle Group co-founder David Rubenstein and Qualcomm CEO Cristiano Aman.

Core development

• The Davos forum is back with less billionaire Starpower and No Snow
• The IMF has warned against global economic disintegration since the Ukraine war
• Putin’s war means Russia’s rich are no longer welcomed in Davos
• Scholes among the world leaders in the first individual Davos since Kovid

All time CET:

Algebris sees stock falling further (9:10 am)

According to David Serra, chief executive officer of Algebrais Investments, U.S. stocks have fallen further because earnings expectations are still too high.

The S&P 500 will drop from 3200 to 3400 points, currently below 3901, the best one said in a Bloomberg Television interview. The money manager, who founded Algebris in 2006, also flagged a “sad” mood in Davos over the Ukraine war. “Three hours from here, people are dying and shooting at each other,” he said. “And so I think that’s why it’s different.”

IEA warns of rare global recession risks (8:45 am)

According to Fatih Birol, executive director of the International Atomic Energy Agency, oil producers must act responsibly to help keep prices in check, otherwise there is a risk of a global recession.

“If we don’t make a positive contribution here, we see that prices will be much higher, much more volatile and a major risk to the recession for the world economy,” Biral said in an interview with Bloomberg TV from Davos. “This summer will be difficult because we know that demand for oil generally increases in the summer,” he said, adding that a key question is whether demand will remain flat due to the weakness in China’s economy.

Credit Suisse CEO Says He Has ‘Clear Mandate’ (8:25 am)

Thomas Gottstein, chief executive of Credit Suisse Group AG, who is under pressure due to various scandals and revenue hurdles, said he had “clear orders” from the board to continue in office.