Japan Market Closed. The Bank of Japan is reportedly considering raising its inflation forecasts in January to inch closer to the central bank’s target of 2% in fiscal 2023 and 2024, Nikkei reported over the weekend.
China +0.76%. China PMI data: Caixin Manufacturing PMI December 49.0 (previous 49.4).
China official PMIs: Manufacturing 47.0 (vs. prior 48.0) & Services 41.6 (prior 46.7).
China Beige Book says China economy dropped significantly in Q4, Q1 recovery unlikely.
Hong Kong +1.87%.
Australia -1.31%. Australia December manufacturing PMI from Judo Bank / Markit is 50.2 (prior 51.3).
Australia December manufacturing PMI from AiG is an ugly 44.7 (prior 49.6).
India +0.16%.
In the U.S., major indexes closed the 2022 year with their worst losses since 2008, each snapping a three-year win streak. The Dow Jones Industrial Average slid 73.55 points, or 0.22%, to close at 33,147.25. The S&P 500 shed 0.25% to end at 3,839.50. The Nasdaq Composite ticked down 0.11% to 10,466.88.
Singapore data: Q4 GDP flash estimate is +0.2% q/q and +2.2% y/y. The y/y is a beat.
Japan’s PMI reading and China’s private survey for services PMI will be released on Wednesday. Singapore will release November’s retail sales on Thursday as well as South Korea’s unemployment rate for December.
The price of Brent oil will fall to the lower end of $70 a barrel by year’s end, according to Citi’s global head of commodities research, Ed Morse, adding volatility surrounding the oil markets will remain.
Brent crude dipped 0.43% to $85.57 a barrel. The U.S. West Texas Intermediate crude traded down 0.39% to $79.95.
U.S. futures higher. Dow Jones +0.15%; S&P 500 +0.10%; Nasdaq +0.11%.
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