The news flow over the holiday weekend was very light as investors take stock of a year that was ravaged by multiple headwinds. The market direction in the final trading week, some geopolitical developments and the look ahead for 2023 predominated the chatter over the weekend.
Here’s a recap of a few major headlines that hit the wire over the weekend.
1. China Throws Caution To The Winds: China may have seen a spike in COVID-19 cases recently as the BF.7 variant spreads uncontrollably. The country, however, is taking the bold step of continuing with its easing of the zero-COVID norms that were pursued by President Xi Jinping‘s administration. China would reopen borders after remaining in international isolation for nearly three years. The country will scrap quarantine requirements for international travelers, beginning Jan. 8.
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2. Winter Storm In The US: An Arctic blast and winter storm ravaged North America during the holiday weekend, with heavy snow and blizzard causing hardships to life and property. The latest death toll in the U.S. was at 49, with about half of the deaths reported in Erie County New York. Widespread power outages were reported and several flights stood canceled.
3. Soft Landing Unlikely, Larry Summers Says: Former Treasury Secretary Larry Summers warned of an impending recession in 2023 despite the economy holding up fairly well currently. Inflationary pressure is too hot to handle despite the Fed doing its best, he said. Summers is not hopeful of a soft landing and does not see the outcome as having the largest probability.
4. Tesla Cybertruck’s SOP Imminent? The arrival of 66 Kuka production line robots in Houston set tongues wagging about Tesla Inc. TSLA potentially using it for the production of its Cybertruck at its Giga Texas plant. An Electrek report said the company could start producing the much-awaited vehicle ahead of the earlier communicated timeline of mid-2023, as production of the Model Y vehicle at the factory has ramped up significantly to 3,000 units per week.
5. Bill Gates Lists Apartment For Sale: Anecdotal evidence of a swooning housing market was presented in the form of a listing of an apartment for sale by Bill Gates. The condominium, which is at 1212 Fifth Avenue and was bought by Gates for his daughter Jennifer in 2018, was listed with an asking price of $4.75 million, down from the $5 million it was bought.
What Else: In a surprising move, Russian President Vladimir Putin said in an interview with state television that he is ready to negotiate with all the participants in the process about some acceptable outcomes with regard to the Ukraine war.
Cryptocurrencies traded on a subdued note during the Christmas weekend and analyst expects the unfolding week to see more muted trading, although expecting low volume to bring about volatility.
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Image and article originally from www.benzinga.com. Read the original article here.