Home Market Market Update – January 2 – Markets drift on weak Chinese data...

Market Update – January 2 – Markets drift on weak Chinese data & IMF Outlook

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With markets in Europe and North America closed today and only a few Asian markets open  there was little direction on very limited volume. Weak PMI and Housing data China On Saturday, a weak global outlook was reported by the IMF Yesterday marked the beginning of the new year in the same way that 2022 ended. The Yen The biggest gainer of all today is you.

China’s official Services PMI cratered -5.1 These are the points 41.6 After falling -2.0 ticks in December, it was back up 48.7 November This is the sixth consecutive monthly decline.eThis was the lowest level since February 2020, it was at its third straight month of contraction. It was at 52.7 A year ago. The December manufacturing index dropped -1 point. 47.0 After dropping -1.2 to 48.0, the previous month. It too is a third month below the 50 expansion-contraction mark, and is the eighth month in 2022 below 50. It is also the lowest since February 2020s. 35.7.

2023 is going to be a tough year as the main engines of global growth – the United States, Europe and China – all experience weakening activity. –  IMF “tougher than the year we leave behind…China’s chaotic reopening is proving problematic”.

  • The USD Index At 103.00 levels, but the USD was King again in 2022.
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