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.
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. –
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. “We expect one third of the world economy to be in recession," Kristalina Georgieva, managing director of the International Monetary Fund, said in an interview Sunday with the CBS television network's “Face the Nation."
Wall Street is also waiting for corporate earnings reports that are due to start flowing in around mid-January. Companies have told investors inflation will likely crimp their profits and revenue in 2023, even after they raised prices on everything from food to clothing to offset inflation, helping to pad their profit margins.
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