, which accounts for two-thirds of US economy activity, rose by 1.8% in January, the largest increase in nearly two years and exceeding analyst estimates, according to a Reuters poll.
The strong data deepened a market sell-off across most equities, with the MSCI world equity index, which tracks shares in 50 countries, shedding 1.17%. European stocks fell 1.04%. On Wall Street, all three major indexes posted their biggest weekly drop of 2023, led by a sell-off of stocks in so-called cyclical sectors including technology, communication services, consumer discretionary, and even healthcare.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: