Global Stocks Inch Up Despite Political Uncertainty and China Economic Concerns

Global stocks edged up on Monday ahead of a week crammed with U.S. economic data that will be pivotal in setting expectations for interest rates. Although heightened political uncertainty kept any new-year enthusiasm in check.

In China, the yuan hit a 16-month low and blue-chip stocks traded at their weakest since late September, prompting the country’s stock exchanges and central bank to defend its falling markets and soothe investor concern about the impact on the world’s second biggest economy of Donald Trump’s imminent return to the White House. Meanwhile, reports on Monday suggested embattled Canadian prime minister Justin Trudeau might announce his resignation later in the day. Markets seemed to have priced it in and might welcome an election to clarify matters, leaving the U.S. dollar down 0.4% at 1.4393 to its Canadian counterpart. The MSCI All-World index rose 0.1%, reflecting a slightly patchy performance in Europe, where the STOXX 600 was up 0.1%, while Germany’s DAX - 2024′s top-performing major European index, was up 0.2%. U.S. stock index futures were up 0.1-0.3%, suggesting an extension to Friday’s rally in the benchmark indices. “We start the new trading week, and new trading year, with stocks having enjoyed a strong Friday rally, where both the S&P 500 and Nasdaq 100 erased all of the declines seen a day prior. A choppy start, then, albeit in what were still thin trading conditions, with S&P volumes around 20% below the 20-day average,” Pepperstone senior research strategist Michael Brown said. Adding to the sense of caution was anticipation of Friday’s U.S. December employment report, where analysts expect a rise of 150,000 in the number of workers on nonfarm payrolls and for unemployment to hold at 4.2% These will be preceded by data on ADP hiring, job openings and weekly jobless claims, along with surveys on manufacturing, services and consumer sentimen

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