Higher global stocks fail to enthuse traders

Stock markets edged higher, European bond yields dropped and the dollar remained firm in light trading on Monday amid warnings from the IMF chief that a third of the world will fall into recession in 2023.

However, traders were reticent to trust early-year starts in stock and bond moves with many markets closed for a holiday and ahead of a host of economic numbers due this week. S&P Global’s final manufacturing purchasing managers index bounced to 47.8 in December from November’s 47.1, matching a preliminary reading but still below the 50 mark separating growth from contraction.

“After the last Fed meeting, the market was not convinced that the Fed won’t cut rates later in 2023. It’s going to be an interesting year.”

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