Shares began the year mixed, with European benchmarks opening higher on Monday after a lackluster session for the few Asian markets not closed for new year holidays.
This week brings employment data and minutes from the latest meeting of the Federal Reserve, as 2023 begins with persisting uncertainties over the war in Ukraine and over the risk that interest rate hikes meant to tame inflation might lead to recession.
Over the weekend, a report showed that Chinese manufacturing contracted for a third consecutive month in December, in the biggest drop since February 2020, as the country grapples with a nationwide COVID-19 surge after suddenly easing anti-epidemic measures. The spectre of recession in the U.S. and other major economies, as well as a prolonged slump in China, are factors overhanging markets.
Georgieva said, however, that the U.S. economy was "remarkably resilient," and that measures such as the Inflation Reduction Act and child tax credit measures were "good for the U.S. Good for the world." On Friday, U.S. markets logged more losses in quiet trading, closing the book on the worst year for the benchmark S&P 500 since 2008.
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