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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 amid warnings from the International Monetary Fund’s managing director that a third of the world will fall into recession in 2023. | Reuters

Inflation data from Europe, minutes from the December U.S. Federal Reserve meeting and U.S. labor market numbers were some of the highlights that Danske Bank chief analyst Piet Haines Christiansen said would be worth watching.Markets in the United States, Britain, Ireland, Singapore, Japan, Hong Kong and Australia were shut.

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. U.S. Treasuries will resume trading on Tuesday after a public holiday on Monday. The benchmark 10-year yield climbed around 27 basis points last week and over 200 bps last year, ending 2022 around 3.88 percent.

Germany’s 10-year bond yield fell 8.4 bps to 2.47 percent, after hitting its highest since 2011 at 2.57 percent on Friday.

 

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