Stocks buoyant while darker forecasts gather on the horizon

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Stock markets edged higher, European bond yields dropped and the dollar remained firm in light trading on Monday amid warnings from the International Monetary Fund's managing director that a third of the world will fall into recession in 2023.

rose 0.06%, just short of an index of global shares, which climbed 0.16%.climbed 0.6%, retracing little of the nearly 12% it lost in 2022, bludgeoned by central banks' aggressive monetary policy tightening.

Christiansen expected the new year to kick off with a renewed focus on central banks and inflation. Traders would be vigilant for any signs of an approaching recession, he said. "There is an attempt by the dollar index to pull higher today but we do see that it is losing a good part of the strength it gained last year," said Ulrich Leuchtmann, head of forex research at Commerzbank.

German government bond yields on Monday tumbled from their highest levels in more than a decade amid more hawkish signals from the European Central Bank .

 

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