Note to the investor
2023.01.03 01:27
Note to the investor
Budrigannews.com – Investors struggled to reconcile the contradictory effects of China’s opening and a rise in COVID-19 cases on the first trading day for most major Asian markets. The American and European futures struggled to advance.
As COVID infections spread through production lines, surveys conducted over the weekend revealed that China’s factory activity in December decreased at the sharpest rate in nearly three years. Caxin data from Tuesday also showed less activity.
Before the Lunar New Year, when an estimated 5.5 million railway passenger journeys will reunite families and potentially carry COVID to most parts of the country, a dangerous few weeks loom as restrictions fall and infections spread.
Airfinity, a health data company, stated last week that approximately 9,000 Chinese people probably die from COVID each day.
Nevertheless, traders appeared to be considering the longer-term prospects of the world’s second-largest economy after the worst COVID waves had subsided as trading progressed on Tuesday morning.
The stock markets in Hong Kong, Seoul, and Shanghai recovered from early losses as the reached a four-month high.
As 2023 looks like a year of policy shifts from the Bank of Japan, the yen also jumped, pushing gold to a six-month high. The agenda for Tuesday is quiet, but later in the week, Federal Reserve minutes and U.S. jobs data will set the early tone for New Year’s resolutions regarding interest rates.
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