CHRIS VERSACE: Good morning, subscribers. As we return from the long weekend, I want to start the week with a look at the potential catalysts that could shape the trading week ahead, and most importantly, what it all means for the portfolio. Let's begin with a look at China, which saw some positive news in terms of an economic rebound.
December retail sales and industrial production data was better than expected, but still relatively weak compared to recent months. That and other data led China's GDP to come in at 3% for 2022. We continue to see folks getting excited about the China reopening and what it means for the global economy this year.
And while we are too, we recognize that we need to again navigate the upcoming Chinese New Year holiday as it relates to the country's latest wave of COVID. While some may color us as cautious, we'd rather not get head faked as we continue to contemplate calling [INAUDIBLE] shares up from the bullpen. We're also keeping an eye on the World Economic Forum in Davos this week as well as comments to be had from the cavalcade of CEOs and government officials as it relates to the economy and monetary policy.
As the trading week got underway, the WEF already shared results from a survey of public and private sector chief economists that found 2/3 expect a global recession this year. That echoes what we heard from the Conference Board last week. We also heard from European Central Bank chief economist Philip Lane that interest rates will have to move into restrictive territory to bring inflation back to target. All of that adds to the likelihood we will see more cautious comments out of companies as the December quarter earnings season heats up this week.
With that in mind, we are watching a series of earnings reports out later in the coming days starting with United Airlines and American Airlines. In those two reports, we'll be looking for confirmation for the favorable demand outlook offered by Delta Airlines and the TSA travel data. If we get it, and we think we will, it will be a positive for the portfolio shares of clear secure.
Switching gears, when consumer product company Procter & Gambel reports, we'll be watching comments on both future price actions as well as what it says about input costs. What we're looking for is confirmation from what Conagra said earlier this month when it talked about 2022 pricing actions starting to overtake cost inflation setting up for better margins in the coming quarters. If we get it, and again, we think we will, that will confirm our margin thinking for shares in the portfolio that include Chipotle, McCormick, and PepsiCo.
Also this week, we have quarterly results from mobile infrastructure company Ericsson. Here, what we're interested in is hearing about 5G subscription growth prospects and what it means, not only for smartphone demand, but chipsets as well as infrastructure equipment. In the back of our minds, what we learn will be used to revisit bullpen residents Qualcomm and universal display, but we'll also use it to update our thinking on Marvell Technology shares as well.
As you can tell, it's going to be a busy week. And to that, we have to add the flow of economic data that begins tomorrow with the December retail sales report, the December producer price index, and industrial production, what the market still focused on the Fed's inflation fight, and what it likely will do and say at its upcoming monetary policy meeting. The PPI report will be the one in the market. And therefore, we give greater focus to tomorrow.
However, from a portfolio perspective and our shares of Amazon, Chipotle, Costco, McCormick and Co, PepsiCo, and UPS, the December retail sales report will not only tell us how digital shopping, restaurant sales, grocery sales, and other sales shaped up for the month of December. It will also tell us how they fared for the last quarter of 2022. That is going to set the tone for what those companies are likely to say in the coming weeks as they report their quarterly results.
As today's daily rundown comes to a close, we'd like to share with you that we continue to appreciate your feedback and patience as we look to further enhance the club. Please keep sending your questions to email@example.com. Thanks for joining us. I'll be back tomorrow to discuss three stocks that are topping my radar this week.