China in spotlight as 2023 properly gets going
Global market trading properly kicks into gear on Tuesday, with the latest insight into how China's manufacturing sector closed last year likely to set the tone for the day ahead in Asia.
China's Caixin manufacturing purchasing managers index for December is expected to remain in recessionary territory for a fifth straight month, falling to 48.8 from 49.4 in November.at the weekend that showed the sharpest pace of contraction in December in nearly three years as COVID-19 infections swept through production lines after Beijing's abrupt reversal of anti-virus measures.
In the near term, however, China COVID fears may overshadow the long-term benefits and weigh on sentiment accordingly.. World stocks lost around $14 trillion and posted their second-worst annual performance on record, and bonds had their worst year in decades. Together, a typical '60-40' portfolio of stocks and bonds had one of their worst years in almost a century.
Much of that can be blamed on nearly 300 rate hikes around the world last year. But while much of the global tightening has been delivered the full effects have not been felt. A cautious start to the year for markets, and a gloomy Chinese PMI report, would come as no surprise.- Australia manufacturing PMI Reporting by Jamie McGeever in Orlando, Fla.; Editing by Jonathan Oatis
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