Shares have begun the year mixed, with most markets closed for New Year holidays.
A man rides his bicycle past monitors showing Japan's Nikkei 225 index at a securities firm in Tokyo, Friday, Dec. 30, 2022. Asian stock markets followed Wall Street higher on Friday following encouraging U.S. employment data but were headed for double-digit losses for the year. – Shares began the year mixed, with European benchmarks opening higher on Monday after a lackluster session for the few Asian markets not closed for New Year holidays.
Over the weekend, a report showed that Chinese manufacturing contracted for a third consecutive month in December, in the biggest drop since February 2020, as the country grapples with a nationwide COVID-19 surge after suddenly easing anti-epidemic measures. The specter of recession in the U.S. and other major economies, as well as a prolonged slump in China, are factors overhanging markets.
Georgieva said, however, that the U.S. economy was “remarkably resilient," and that measures such as the Inflation Reduction Act and child tax credit measures were “good for the U.S. Good for the world." On Friday, U.S. markets logged more losses in quiet trading, closing the book on the worst year for the benchmark S&P 500 since 2008.
as pandemic stimulus was withdrawn and inflation put increasing pressure on consumers while central banks raised interest rates to fight high prices.
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