Shares are mostly lower in Europe and Asia as markets count down to the end of a painful year for investors, with no end in sight to uncertainties stemming from the pandemic and the war in Ukraine.
A currency trader watches computer monitors near the screens showing the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Wednesday, Dec. 28, 2022. Shares were mixed in Asia on Wednesday after a post-holiday retreat on Wall Street, as markets count down to the end of a painful year for investors.
Germany's DAX lost 0.3% to 13,952.83. It's down about 13% from the start of the year. The CAC 40 in Paris, which is about 9% below where it began the year, edged 0.1% lower, to 6,541.50. The benchmark S&P 500 index set an all-time high at the beginning of January, but is now down nearly 20% for the year. The tech-heavy Nasdaq is down nearly 34%.late Tuesday that it will start issuing new passports, a major step away from anti-virus travel barriers that likely will bring a flood of tourists out of China for next month’s Lunar New Year holiday.
With China in the midst of its most severe COVID wave so far, disruptions to manufacturing and transport will likely linger until the worst is past. Tokyo's Nikkei 225, which has given up 8.6% this year, fell 0.4% to 26,340.50 after the government reported that Japan's industrial production fell for a third straight month in November and was likely to fall further in December.
Uncertainty about how far the Federal Reserve and other central banks would go to fight the highest inflation in decades has kept investors on edge, even as price increases have eased. The Fed raised its key interest rate seven times this year and has signaled more hikes to come in 2023.
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