It ranges on a continuum from pure factual statements, to calculated parameters, to outright buy/sell/hold recommendations. While investors often use factual information concerning securities to guide their decisions, MAS takes the view that factual information itself is not investment advice. Data based on historical time series are facts, whereas forecasts would be considered subjective. Further, filtering data through the choice of parameters, for example, to display only shares with favourable financial ratios, would be considered selective, and would require licensing. The “fact versus opinion” principle sets out quite clearly what would require licensing as investment advice. Nonetheless, in this information continuum, there remain some grey areas involving implicit advice. For instance, where the interpretation and presentation of facts leads to a specific conclusion, MAS would need to review the context and circumstances, such as other information on the website, to decide whether licensing is required. Analytical tools: a common device which challenges our interpretation of “advice” is an analytic tool, for instance, computer software aimed at facilitating investment decisions. Such a tool may require licensing. In making this judgment, we would consider the output of this tool, subjecting it to the “fact versus opinion” test. If the output goes beyond factual information, and includes subjective or interpretative content, this tool would require licensing.9 Other securities regulators have adopted the same stance in regard to the provision of implicit investment advice.
Economic activity  1/4  BIS - Central bankers' speeches  According to Eurostat's preliminary flash estimate, the euro area economy grew by 0.1 per cent in the fourth quarter of 2022. While above the December Eurosystem staff projections, this outcome means that economic activity has slowed markedly since mid2022 and we expect it to stay weak in the near term. Subdued global activity and high geopolitical uncertainty, especially owing to Russia's unjustified war against Ukraine and its people, continue to act as headwinds to euro area growth. Together with high inflation and tighter financing conditions, these headwinds dampen spending and production, especially in the manufacturing sector. However, supply bottlenecks are gradually easing, the supply of gas has become more secure, firms are still working off large order backlogs and confidence is improving. Moreover, output in the services sector has been holding up, supported by continuing reopening effects and stronger demand for leisure activities. Rising wages and the recent decline in energy price inflation are also set to ease the loss of purchasing power that many people have experienced owing to high inflation. This, in turn, will support consumption. Overall, the economy has proved more resilient than expected and should recover over the coming quarters. The unemployment rate remained at its historical low of 6.6 per cent in December 2022. However, the rate at which jobs are being created may slow and unemployment could rise over the coming quarters.